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United India Industrial Insurance |
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Boiler & Plant Pressure Plan Insurance
We Cover
Boilers like fire tube boilers/recovery boilers and unfired pressure vessels/steam pipes can be covered.
Who can be Insured ?
The owners of the boiler/ pressure plant can take insurance.
What is insured ?
This policy affords protection against
• Damage to the boilers and/or pressure vessels
• Damage to the surrounding property of the insured
• Liability of the insured by law to any third party on account of
1. death or bodily injury
2. damage to property (not held in trust or in commission) caused by and solely due to explosion or collapse occuring in the course of ordinary working.
What will Policy Pay and how much?
Partial loss
In cases where damage to an item can be repaired, the policy shall pay expenses necessarily incurred plus the cost of dismantling and re-erection. No deduction for depreciation but salvage value is deductible.
Total loss
Where an insured item is destroyed, the company pays the actual market value of the item immediately before the occurrence of loss including freight and erection cost. The salvage shall be taken into account and condition of average will apply (i.e. if sum insured is not adequate, claim will be paid only proportionately)
What will policy not pay ?
• Fire related losses including extinguishment
• Act of God perils
• Gradually developing flaws
• Wearing away or wasting of the materials of a boiler like blockage, corrosion, fracturing, blisters, lamination.
• Failure of individual tubes
• War group and nuclear group of perils
• Experiments/tests requiring abnormal conditions
• Defects, fracture, failure, deformation/bulging not resulting in explosion
• Consequential loss, loss arising out of existing defects known to insured
• Loss/damage for which manufacturer/ repairer is responsible
• Wilful act/neglect or gross negligence of insured.
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