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ICICI Lombard Industrial Insurance |
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Boiler and Pressure Plant Insurance Policy
Scope of cover
The Policy broadly covers boilers and other pressure vessels, both fired and unfired against losses due to explosion or collapse.
Sum Insured
Sum insured should be reinstatement cost of the Boiler.
Premium
Premium chargeable depends on the type of Boiler, type of fuel and the age of equipment. Discount is allowed for seasonal factories and stand by facilities
Significant Exclusions
The policy does not cover loss and/or damage arising from
• Fire and allied perils
• War and Nuclear perils
• Loss arising out of overload experiments
• Gradual wear and tear of parts
• Failure of individual tubes, loss due to chemical reactions
• Wilful acts or gross negligence
• Loss which is manufacturer's or repairer's responsibility
• Consequential loss from explosion or collapse
Electronic Equipment Insurance Policy
Introduction
Covers loss or damage to the contractor´s property due to any cause that is accidental and external in nature.
Scope of cover
Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.
The Policy broadly covers:
Material damage to electronic equipment (which can include systems software) due to sudden and unforeseen events, under Section I
Cost of external data media, including cost of reconstruction of data under Section II, as also increased cost of working under Section III. While Section I is compulsory, Section II and Section III are optional.
Sum Insured
Section I:
New Replacement cost of the insured property including Freight, Erection cost, Customs Duty, if any.
Section II:
Cost of restoring the external data media by replacing lost or damaged data media by new material and lost information.
Section III:
Sum Insured should represent the hiring charges per hour for a substitute equipment for ensuring continued data processing for the period of indemnity specified, including personnel and transportation charges.
Premium
Rate of Premium: 1 % For equipments valued more than Rs 1,00,000, a valid maintenance agreement is required to be in force, failing which 100 % loading is attracted.
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