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The policy applies to Centrifugal Pumpsets (Electrical & Diesel) and submersible pumpsets upto 25 H.P. capacity used for Agricultural purposes only.
APPLICABILITY
The policy applies to Centrifugal Pumpsets (Electrical & Diesel) and submersible pumpsets upto 25 H.P. capacity used for Agricultural purposes only.
Pumps with higher capacity i.e. more than 25 H.P. should be insured with Engineering Department.
SCOPE OF COVER
Fire and or lightning
Theft/burglary (due to violent forcible entry and provided the pumpset is kept in a locked enclosure).
Mechanical/Electrical Breakdown.
Riot, Strike, Malicious damage.
Terrorism.
ADDITIONAL/OPTIONAL COVER
Flood risk can be covered by payment of additional premium.
It is preferable to grant this cover where pump sets are fixed well and kept in enclosures and granting of cover in flood prone areas should preferably be avoided.
Premium - 0.5%
EXCLUSIONS
(a) Normal wear and tear, gradual deterioration due to atmospheric conditions or otherwise.
(b) Willful act or gross negligence of insured or his representative. Faults existing at the time of commencement and known to the insured or his representative.
(d) Loss or damage for which the manufacturer or supplier of property is responsible either by law or under contract.
(e) Cost of dismantling, transporting to workshop and back as also cost of re-erection.
However, transport and re-erection charges to be paid in full in case of total loss.
