Why to buy Boiler and Pressure Plant?

This policy covers physical loss or damage to boilers and/or another pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.

What warranties are applied under the policy?

As the Boilers and Pressure Plants come under the purview of Statutory Regulations, the following warranties are applied under the policy:

  • Boilers are annually inspected by the competent authority.
  • The Boilers shall only be operated by attendants holding a valid certificate of competency issued under the appropriate Boiler Act.
  • The unqualified permission in writing by the inspecting Authority to operate the boiler.

Rating Details

  • Type of Boiler.
  • Age of Boilers.

How are rates determined?

 The rating depends on:

  • The average rate of contents of the process blocks under MD Policy.
  • Type of process whether continuous or Batch type Indemnity Period.

What extensions are provided under the policy?

 

  • Suppliers Premises.
  • Customers Premises.
  • Failure of Public utility of power/gas/water supply.

 

What Period of Cover applies to the policy?

The cover attaches with the commencement of work or after the items entered in the schedule of the policy have been unloaded at the site whichever is earlier and shall expire on the date specified in the policy. However, the company's liability expires for parts of the insured contract works taken over or put into service by the Principal prior to the expiry date specified in the policy whichever shall be earlier.

What additional covers are available in the policy?

  • Clearance & removal of debris.
  • Construction Plant & machinery.
  • Insured's own surrounding property.
  • Escalation.
  • Third-Party Liability.
  • Express freight.
  • Airfreight.
  • Extended maintenance.
  • Additional custom duty.
  • Earthquake.
  • Terrorism Damage.

Premium Payment Method

The premium can be collected in installments if the period of insurance is more than 12 months.

How is rating decided?

The rating depends on:

  • Type of Project.
  • Period of Project.
  • Sum Insured of the project.
  • Deductible Franchise.
  • Location of Project.
  • Extensions opted.

What is the policy period?

The cover attaches with the commencement of work or after the items entered in the schedule of the policy have been unloaded at the site, whichever is earlier and shall expire on the date specified in the policy. However, the company's liability expires for parts of the insured contract works taken over or put into service by the Principal prior to the expiry date specified in the policy, whichever shall be earlier.

What additional coverage is provided under the policy?

  • Clearance & removal of debris.
  • Construction Plant & machinery.
  • Insured's own surrounding property.
  • Escalation.
  • Third-Party Liability.
  • Express freight.
  • Airfreight.
  • Extended maintenance.
  • Additional custom duty.
  • Earthquake.
  • Terrorism Damage.

What are the premium payment methods?

The premium can be collected in installments if the period of insurance is more than 12 months.

How is rating decided?

Rating depends on:

  • Type of Project.
  • Period of Project.
  • Sum Insured of the project.
  • Deductible Franchise.
  • Location of Project.
  • Extensions opted

What does the policy offer?

The electronic equipment insurance policy is an all-risk policy designed for computers, medical, biomedical, microprocessors, and audio/visual equipment including the value of system software. Rates are tariffed.

The policy is specially designed for electronic equipment and consists of three sections out of which sections II and III are optional.

How many sections are there in the policy?

Section I (Material Damage Section covering equipment):

  • Deals with the hardware e.g.: computer main body. Extra covers are available for overtime, night works, and work on public holidays by charging an additional premium. Issued along with the Maintenance Agreement clause. Terrorism risk is also covered.

Section II (External Data media):

  • Covers external data media or E.D.P. The sum insured shall be the cost of the data media plus charges for producing the information.

Section III (Increased cost of working):

  • Covers increased cost of working.

How is rate determined?

The rating depends on:

  • Type of Equipment.
  • Deductible franchise.
  • Annual Maintenance Contract.

What additional coverage is offered?

  • Express freight.
  • Air freight.
  • Owners Surrounding Property.
  • Escalation.
  • Third-party Liability.
  • Additional custom duty.

What does the policy cover?

The policy covers not only the physical loss or damage but also consequential losses arising out of the business interruption due to accidental unforeseen physical loss or damage to property.

How much Excess to be paid?

Compulsory Excess

Material Damage Claims-Deductibles shall be 5% of the claim amount subject to a minimum of Rs.5 Lakhs and Maximum of Rs. 50 Lakhs.

Business Interruption Claims- Deductibles shall be three days Gross Profit subject to a minimum of Rs. 5 Lakhs and a maximum of Rs. 50 lakhs.

Voluntary Excess

Material Damage Claims- Insured may opt for higher excess for which suitable discounts in premium may be considered ranging from 10% to 25%

Business Interruption Claims- Range for the discounts is from 5% to 25% for opting higher excess.

How are rates determined?

Material Damage Section:

  • FIRE - Rates as per the Standard Fire Special Perils Policy.
  • Machinery Breakdown - 2.50%o.

Loss of profit Section:

  • FLOP - as per Fire (LOP) Tariff less 10% discount.
  • MLOP - to be referred to as TAC.

NB: Based on the favorable claims ratio, a discount of up to 25% can be allowed.

What additional covers are provided under the policy?

  • Escalation.
  • Express Freight.
  • Air Freight.
  • Owners surrounding the property.
  • Third-party liability.
  • Additional custom duty.

How is rating done?

  • Type of machine.
  • Deductible franchise.

What does Standard Fire & Special Perils Insurance offer?

Fire insurance policy is suitable for the owner of the property, one who holds property in trust or in commission; individuals/financial institutions who have a financial interest in the property. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/ customer's premises, machinery temporarily removed from the premises for repairs can be insured.

What additional covers does the policy offer?

  • Architects, Surveyors, and Consulting Engineers Fees. (in excess of 3% of the claim amount)
  • Debris Removal (in excess of 1% of the claim amount)
  • Deterioration of stock in cold storage due to power failures following damage due to an insured peril.
  • Deterioration of stocks in cold storage premises due to change in temperature arising out of loss or damage to the cold storage machinery (ies) in the Insured's premises due to operation of the insured peril.
  • Forest Fire.
  • Impact damage due to insured's owns vehicles, Forklifts, Cranes, Stackers and the like.
  • Spontaneous Combustion.
  • Omission to insure addition alterations and extensions.
  • Earthquake (Fire & Shock).
  • Spoilage Material Damage Cover.
  • Leakage And Contamination Cover.
  • Temporary Removal of Stocks.
  • Loss of Rent Clause.
  • Insurance of Additional Expenses of Rent for an Alternative Accommodation.
  • Startup Expenses.
  • Terrorism damage.

How is rating determined?

 The rating depends on:

  • The type of occupancy-whether industrial or otherwise.
  • Claim experience.
  • Fire Protection System.
  • Deductible Franchise.