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Boilers like fire tube boilers/recovery boilers and unfired pressure vessels/steam pipes can be covered.
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
death or bodily injury
damage to property (not held in trust or in commission) caused by and solely due to explosion or collapse occurring 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?
The Policy will not pay under below scenarios:
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
Willful act/neglect or gross negligence of insured.
