Boiler Pressure Plant Insurance

Boiler Pressure Plant Insurance

Almost all industrial manufacturing units use boilers and pressure plants as an essential part of their daily production and operations. Liberty General Insurance's Boiler Pressure Plant Insurance is a special coverage against loss or damage to these boilers and pressure plants, which might cause the business to suffer. The policy is designed to cover any losses or damages incurred due explosion or collapse to various types of boilers and pressure plants in a factory.

Features & Benefits

Requirements
The boilers and pressure plants in a factory are supposed to operate at high temperatures and under intense pressures. Such extreme conditions make them susceptible to mishaps, and if it were to happen, it can leave a major impact on the functions of a business. Therefore, securing such equipment is extremely vital as a little bad luck can result in a hazard, putting the people and property nearby in harm's way. Our Boiler & Pressure Plant Insurance policy keeps you covered and prepared for such crises.

Benefits
If the boilers and pressure plants in a factory were to explode or collapse due to unidentified or unforeseeable reasons, having this policy in place keeps you well safeguarded. The insurance Policy will ensure that you get the boiler and pressure plant repaired or the equipment replaced. Plus, a policy extension can also help you pay for any damages or injury caused to a third party.

Sum Insured
The sum insured under this policy shall be equal to the total present day replacement value of your equipment, plus a sum for personal injury as well as the damage caused to your property. Under the policy extension, it will also cover third party property surrounding the boiler or pressure plant in case of a mishap.

Premium
The premium you pay as the policy holder depends purely on the nature of the insured property i.e. the type and age of boiler being used.

Coverage

Eligibility
Anyone who owns a set of boilers and pressure plants installed in their factory premises can make use of this policy.

Major Inclusions
Our Boiler & Pressure Plant Insurance policy will cover you when your boilers and pressure plants explode or collapse. This policy will pay for damage to the equipment itself.

However, if you opt for extra coverage and pay an additional premium, it can also pay for:
Your surrounding property
Third party liability
Express freight, overtime, holiday wages etc.
Air freight
Additional customs duty

Major Exclusions
The following are 'named excluded perils' under the Boiler & Pressure Plant Insurance policy, which are specific risks not covered by the policy.​
Fire and allied perils.
War and nuclear events
Overload experiments
Wear and tear
Willful act of damage
Gross negligence
Pre-existing defects