Boiler and Pressure Plant Insurance Policy
The Policy covers
- Damage to boilers & pressure vessels caused solely due to explosion or collapse
-
Damage to Surrounding Property (SP) arising due to explosion and
collapse of the pressure plant during its normal course of working -
optional
- Third party legal
liability (TPL) arising due to explosion and collapse of the pressure
plant during its normal course of working - optional
You can opt for the following extensions
- Express freight, overtime and holiday rates for wages
- Airfreight
- Additional customs duty
Basis of Sum Insured
Current replacement value of the pressure plant/ boiler
The Policy does not cover
- Fire and related perils
- War & Nuclear perils
- Overload experiments / tests imposing abnormal conditions
- Gradually developing defects not necessitating stoppage
- Normal wear and tear ,corrosion not leading to explosion / collapse.
- Wilful act / negligence
- Loss for which manufacturer is responsible
- Pre-existing defects & faults
- Consequential losses
Basis of settlement of claims
Partial Loss
Full cost of parts, labour charges, freight, duty, dismantling and
re-erection charges. Depreciation applicable on parts with limited
life.
Total loss
Actual value immediately before the loss less salvage plus freight and cost of erection |
