ENGINEERING INSURANCE AND ENTREPRENEURSHIP DEVELOPMENT: EXPERIENCE FROM THE TECHNICAL INSTITUTION IN INDIA

Abstract

Engineering Insurance means, “It refers to the insurance that provides economic safeguard to the risks faced by the ongoing project of risks insurance i.e. machinery Breakdown Insurance (MBD)â€.

However, In the last 200 years, a long way in so for as development of Engineering as a Technology is concerned, we are in a position to handle increased-pressure, increased temperature and increased speed etc which are the basic parameters of any modern manufactured and utilized.

As far as nonprofessional is concerned, the new technological innovations that capable of handling increased pressure/ temperature/ speed has also resulted into simultaneous increasing in the hazard perception of such modern machines.

In fact, it is technology and the risks on account of technological innovation that are moving hand by hand, there by necessity insurance as one of the most effective financial instruments available to compensate the financial loss is caused due to damage to the machine their working. It is essential for Engineers to keep abreast to the technological innovation are affecting but the machine, i.e. their design and performance. If we do not do this and keep our concepts primitive, we shall be out of race with the technology, special reference for North-East India.

MBD, provides effective insurance cover for plant, machinery and mechanical equipment of work, at rest on during maintenance operation of covers unforeseen and sudden physical loss of or damage to the insured items, necessity their repair or replacement.