Sharia Engineering Insurance

Instrument Description

Asuransi Asei is an Indonesian state-owned insurance agency established to encourage Indonesian export. Asuransi Asei offers a variety of insurance options and guarantees.

Engineering Insurance covers risk of unpredictable, unexpected, and accidental loss or damage (related to construction, materials, equipment or machinery) during the construction or installation of machinery. It can extend coverage to include third-party risk of loss/damage to property and physical accidents.

Engineering Insurance is divided into two main categories:

  • Project Engineering Insurance
  • Non-Project Engineering Insurance

Types of policies for Engineering Projects are:

  • Contractor All Risks Insurance/CAR: covers risk of loss of and/or physical damage during the construction process.
  • Erection All Risks Insurance/EAR: covers risk of loss of and/or damage to machinery during installation or commissioning.

Types of policy for Non-Project Engineering are as follows:

  • Electronic Equipment Insurance (EEI)
  • Machinery Breakdown Insurance (MB)
  • Contractor’s Plant and Machinery (CPM)

Eligible Projects and Transactions

Asuransi Asei decides the eligibility of each insurance package on a case-by-case basis in accordance with the Sharia principles.

Eligible Regions

  • Indonesia

Eligible Countries

  • Flag of Indonesia