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Industrial Insurance

Electronic Equipment




Scope of Cover

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.


Generally equipment covered comes under following categories:

  • Computers or Electronic data processing machine
  • Office calculators, duplicating machines and Reproduction machines like fax, copiers, etc.
  • Telecommunication equipment
  • Transmitting and receiving installations like servers
  • Material testing and research equipment
  • Electro-Medical Installations
  • Control and supervisory units

Loss of damage caused by the following perils is specifically excluded from the scope of the policy.

  • Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered.
  • War, wilful acts, gross negligence
  • Faults for which third party is responsible by law or contract
  • Failure due to interruption of gas, water or power supply.
  • Aesthetic defects.
  • Consequential loss of any kind.
  • Loss to consumables and operating media etc.

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


Thus it covers damage caused by the following perils:

  • Smoke, soot, dust, corrosive gases etc
  • Water and Humidity
  • Short circuit and Electrical fire risk
  • Faulty operations, lack of skill
  • Falling object and entry of foreign bodies
  • Fire, lightning, explosion
  • Riot and strike and malicious damage and terrorism
  • Theft and burglary
  • Natural calamities – flood, inundation, storm, cyclone and earthquake
  • Subsidence, landslide, rockslide

Extensions

  • War & Nuclear Risks
  • Willful Act / Negligence
  • Partial / Total cessation of Work
  • Normal wear & tear
  • Gradual deterioration due to atmospheric conditions
  • Loss or damage due to faulty design
  • Contractual liabilities
  • Consequential Losses

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Machinery Breakdown




Scope of Cover

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:


  • Faulty material/workmanship of the machine
  • Action of centrifugal forces contributing to disruption of the rotating parts
  • Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown
  • Malfunctioning or failure of safety devices
  • Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
  • Abrupt and sudden stoppage of other connected machinery.
  • Entry of foreign bodies into running machine
  • Inexperienced operations causing damage due to error of judgment or error in operation

Sum Insured

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.

Exclusions

  • Willful act / negligence
  • Fire and related perils
  • Damage to electrical apparatus only subsequent to short circuit.
  • Overload experiments / tests / abnormal operating conditions.
  • Gradual flaws / defects not necessitating immediate stoppages.
  • Normal wears and tears in the Machinery or equipments insured.
  • Contractual Liabilities accepted by insured in the contracts.
  • Defects that are pre- existing in the machine or equipment insured.
  • Consequential losses due to Machinery breakdown.
  • Parts requiring regular replacements
  • Terrorism

Extensions

  • Damage to foundation of machinery
  • Damage to oil in electrical apparatus
  • Escalation
  • Express Freight (excluding Air Freight), Overtime and Holiday
  • Rates of Wages
  • Air Freight
  • Owner's Surrounding Property
  • Third Party Liability
  • Additional Customs Duty

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Industrial All Risk




Scope of Cover

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.

This is a package policy with the following covers

  • Fire and Special Perils including Flood, Storm, Tempest
  • Earthquake, Fire & Shock
  • Consequential Loss (Fire)
  • Machinery Breakdown, Boiler Explosion, Electronic Equipment
  • Machinery Breakdown - Optional

Coverage Includes

  • Fire and Special Perils including Earthquake
  • Consequential Loss (Fire)
  • Machinery Breakdown, Boilers Explosion, Electronic Equipment
  • Machinery Loss of profit (optional)
  • Terrorism Damage (optional)

General Exclusions

Exclusion under Section 1 (Material Damage)

  • Faulty or defective design material or workmanship
  • Interruption of the water supply, gas, electricity or fuel system or failure of the effluent disposal system
  • Collapse or cracking of building
  • Act of fraud or dishonesty
  • Larceny
  • Coastal or river erosion
  • Normal settlement or bedding down of new structures
  • Any wilful act or wilful negligence on the part of the insured
  • Cessation of work, delay
  • War invasion or war like situation
  • Nuclear weapons/ionizing radiations or contamination by radioactivity.

Exclusion under Section 2 (Business Interruption)

This policy doesn't cover loss resulting from interruption of or interference with business directly or indirectly attributable to:

  • Any restriction or reconstruction or operation imposed by any public authority
  • The insured's lack of sufficient capital for timely restoration or replacement of property lost destroyed or damaged
  • Electronic installation computer and data processing equipment
  • Deliberate erasure loss distortion or corruption of the information Deductible stated in the schedule

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Contractor Plant Machinery & Plant




Introduction

  • The Contractors All Risks Insurance offers comprehensive coverage for all types of civil construction risks.
  • The coverage for physical loss or damage to property is on an "All Risks" basis, i.e. the policy insures against damage to property in the course of construction by all sudden, accidental and unforeseen causes other than specified excluded perils.
  • This cover includes works brought on to the site for the purposes of the contract as well as temporary works erected or constructed on-site.
  • Various add-on covers are available as per customer's requirement

Exclusions

  • War & Nuclear Risks
  • Willful Act / Negligence
  • Partial / Total cessation of Work
  • Normal wears & tears
  • Gradual deterioration due to atmospheric conditions
  • Loss or damage due to faulty design
  • Contractual liabilities
  • Consequential Losses
  • Cost of replacement / repair or rectification of defective material and/or workmanship
  • Loss discovered only at the time of taking an inventory.

Sum Insured

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.

Extensions

  • Owner’s Surrounding Property.
  • Third Party Liability.
  • Escalation
  • Clearance and Removal of Debris.
  • Contractor's Plant and Machinery.
  • Breakage of Glass
  • Storage Risks at Fabricators premises /workshop
  • Sites located in EQ Zones I & II
  • Clearance & Removal of Debris
  • Holiday & Overtime Rates for wages
  • Custom Duty Construction, Plant & Machinery
  • Maintenance Visits and extended Maintenance cover
  • Express freight
  • Airfreight
  • Terrorism Damage

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Machinery Loss Of Profit




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.

Coverages Includes

  • Loss of gross profit and/or increase in cost of working due to reduction in Turnover/Output
  • MLOP cover is granted only in conjunction with MB cover

Premium

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.

  • Availability of spare equipment
  • Criticality of the equipment
  • Your contractual arrangements with Suppliers
  • Replacement time
  • Ability to make up for the loss
  • Your profit forecasting pattern

Sum Insured

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.

General Exclusions

  • Willful act or willful negligence or gross negligence of the insured or his responsible representatives
  • Spoilage of raw materials, semi-finished materials or operating media (fuel, catalyst, lubricant etc.)
  • Restrictions imposed by law enforcing authority
  • Extensions of the normal repair period beyond 4 weeks due to
  • Inability or delay of insured in securing replacement parts or delay in carrying out repairs.
  • Customs restrictions
  • Transport of damages or replacement parts to and from the insured premises. Alterations, improvements or over-hauling made while repairing.
  • War and allied perils, Nuclear Perils
  • Any defects existing at the time of commencement of the policy which as known to the insured.
  • Intangible losses such as loss of good will, loss of customers etc.

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Boiler & Plant Insuance Policy




Scope of Cover

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.

Advantages

  • Leakage from automatic sprinkler installation
  • Bush fire
  • Architect's fees not exceeding 3% of claim amount
  • Cost of removal of debris not exceeding 1% of claim amount
  • Temporary removal of plant and machinery up to 60 days
  • Unoccupied building/property exceeding 30 days

General Exclusions

  • Loss or damage arising from fire and allied perils which can be covered separately.
  • Damage by chemical explosion except in recovery boilers and waste heat boiler.
  • Contractual liability, manufacturers/suppliers liability, consequential loss of use of boiler.
  • Loss arising from an existing defect
  • War group of perils, Social group of perils
  • Nuclear perils
  • Loss due to gross negligence or any willful act or willful neglect on the part of Insured
  • Failure of individual tubes
  • Wearing, wasting of boiler materials, Grooving of fracturing of any part of the boiler, general deterioration etc.
  • Willful act / negligence

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Erection All Risk




Scope of Cover

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.

Coverage Includes

  • Fire, Lightning
  • Theft & Burglary
  • Impact from falling objects, Collision, Failure of cranes or tackles
  • Failure of safety devices, Short Circuits
  • Explosion
  • Carelessness, Negligence, Faults in erection, Malicious Damage, Strike & Riots
  • Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide

Sum Insured

Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection

Premium

Premium depends on type, value, and duration of the project and the period of testing.

Main Extension

Policy can be extended on payment of additional premium to cover:

  • Escalation
  • Maintenance
  • Clearance and Removal of Debris
  • Damage to Owner’s Surrounding Property
  • Third Party Liability
  • Additional Customs Duty
  • Express Freight
  • Holiday and Overtime rates and Wages

General Exclusions

  • Loss or damage due to Faulty design, Defective material of casting, and/or bad workmanship.
  • Manufacturing defects
  • Loss or damage due to Mechanical and/or Electrical breakdown or derangement
  • Loss or damage due to willful act or willful negligence
  • Consequential loss
  • Loss or damage due to War or Warlike operations
  • Loss or damage due to nuclear reaction, Nuclear radiation or Radioactive contamination
  • Losses due to normal wear and tear, Gradual deterioration
  • Compulsory deductible
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