This policy offers you protection in case your electronic equipment suffers accidental loss or Damage. The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded. This policy covers entire range of Electronic Equipment's from a Personal Computer to sophisticated gadgetry.
The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded
This is a policy, which covers physical loss or damage to machinery and equipment against unforeseen and sudden, physical loss of, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils. Monetary costs involved for restoration of machine after breakdown to its original state are covered by the machinery (breakdown) insurance policy. Cover is valid during the time the machinery is at work or at rest. Machinery being dismantled for cleaning / overhauling and in course of these operations being shifted within specified premises or being re-erected subsequently is also covered.
The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:
The sum insured should represent the present day replacement value of the insured item, which includes all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
A comprehensive coverage for the Industrial risks having overall Sum Insured of Rs. 100 crores and above in one or more locations in India. The Policy covers not only the Physical Losses or damage but also consequential losses arising out of the business interruption due to accidental unforeseen physical loss or damage to property.
Exclusion under Section 1 (Material Damage)
This policy doesn't cover loss resulting from interruption of or interference with business directly or indirectly attributable to:
The sum insured to include total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately.
This policy covers reduction in turnover / output and increased cost of working of a company due to accidental damage to machinery / boilers affected in stated premises.
Replenishment time required for equipment’s Scope of Cover. This policy covers reduction in turnover / output and increased cost of working of a company due to accidental damage to machinery / boilers affected in stated premises.
The sum insured is to be declared as annual gross profits estimated during the policy period.This can be arrived at by either considering gross profits on difference basis which is Revenue – Variable Expenses or additions basis which is Net Profit + Standing Charges.
Damage other than by fire, to boilers & pressure plant Damage to surrounding property Third Party legal liability arising due to explosion and collapse of the plant during its normal course of working
This policy covers for physical loss or damage to boilers and/or other pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.
Comprehensive and adequate insurance protection against all risks involved in the erection of machinery and plant as well as structures of any kind. This policy provides coverage to all types of projects including large projects such as erection of Thermal Power stations, Fertilizers Plants, Oil refineries or the installation of complete factory facilities, which bring about so many risks for both the contractors and the principal.
Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection
Premium depends on type, value, and duration of the project and the period of testing.
Policy can be extended on payment of additional premium to cover: