Summary |
Engineering insurance owes its origin and development to the Industrial Revolution. This revolution brought far-reaching changes in industry through the replacement of the hand-worker by power-driven equipment of all kinds, operated at first by steam and later by electricity. There was a large increase in the number and seriousness of accidents, and in these circumstances insurance became an essential means of protection against financial loss for the owners and user of mechanical plant, whether boilers, engines, electrical equipment or other appliances. The main features of the development of engineering insurance are outlined in this chapter so that the reader may understand the present-day purpose of this important class of insurance business.
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