Know More About Engineering Inspection Insurance
This class of insurance provides protection against repair costs incurred following breakdown, sudden and unforeseen damage and/or accidental damage to all kinds of machinery and plant. Any resultant loss of profit due to breakdown can also be insured.
Engineering inspection insurance policies are based on a service provision, whereby trained and specialist engineers inspect lifting and pressure plant to assess their condition and as such are subject not to Insurance Premium Tax (IPT) like most other classes of insurance but instead Value Added Tax (VAT).
Some items of workplace plant require inspection at periodic intervals to comply with various legislations. The requirement for inspections is based in various Health and Safety laws. They require that a “competent person” does the inspections. A “competent person” is a suitably qualified and experienced individual – there is no need for the insurance association and you don’t need to wait until your insurance is due before arranging an inspection. Under an Inspection Insurance an independent engineer is appointed by the insurers who is qualified as “a competent person” to carry out the inspections and provide reports.
Lifting Equipment: of particular relevance here is the Lifting Operations and Lifting Equipment Regulations 1998, usually abbreviated to LOLER. This includes motor vehicle lifting tables, passenger lifts, hydraulic jacks, chain slings. Materials handling equipment such as forklift trucks and pallet trucks are also subject to statutory inspection.
Pressure vessels: pressure vessels, like air receivers and boilers, need inspecting because of the Pressure Systems Regulations 2000.
Local Exhaust ventilation: Abbreviated to (LEV) and includes fume extraction plant – including some freestanding fans - needs to be tested under COSHH rules and so on.
Inspection Insurance can included the following:-
- Lifting machines including forklifts, loaders (eg hi-abs), cranes, hoists etc.
- Lifts - both passenger and goods.
- Lifting equipment including chains, strops etc.
- Roller Shutter doors which involve hoisted panels and similar.
- Pressure vessels including air receivers, boilers, calorifiers, etc.
- Local Exhaust Ventilation including Garage exhaust extraction, welding fume, extraction etc
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