7 Engineering Business under direct Property Damage Business shall cover the

7 engineering business under direct property damage

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7. Engineering Business under direct Property Damage Business shall cover the parts relating to the material damage cover under Contractors’ All Risks (CAR) and Erection All Risks (EAR) insurance, Contractors’ Plant & Equipment insurance, Machinery Breakdown insurance, Boiler & Pressure Vessel Explosion insurance, Electronic Equipment insurance and the like for the purpose of this return. Where it is considered inappropriate for such insurance to be reported under Engineering Business under certain circumstances, say where the subject insured is to be left idle etc, discretion should be exercised to report such under other sub-classes. For the avoidance of doubt, the parts relating to the insurance cover for loss of profit or incurring of unforeseen expenses including advance loss of profit under CAR and EAR policies are to be reported under Pecuniary Loss Business. 8. Owners’ Corporation Liability Business under direct General Liability Business shall cover building owners’ corporation third party liability insurance policies for the purpose of this return. 9. Underwriting Profit/(Loss) is calculated by subtracting Net Commissions Payable, Net Claims Incurred, Unexpired Risks Adjustment and Management Expenses from Net Earned Premiums.
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10. Outstanding Claims Provision includes provision for claims incurred but not reported (IBNR).
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