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Real-World Examples and Statistics
To illustrate the importance of insurance in engineering, consider the case of the Big Dig project in Boston. The massive infrastructure project faced numerous challenges, including cost overruns and safety issues. However, the project's insurance policies helped mitigate financial losses and provided a framework for addressing claims efficiently2.
Statistics show that the global engineering insurance market is expected to grow significantly, driven by increased infrastructure development and the rising complexity of engineering projects3. This growth underscores the critical role insurance plays in safeguarding engineering success.