Boiler & Pressure Plant Policy
What is boiler & pressure plant insurance?
In this Industrial era manufacturing units are exposed to Boiler explosion risk within premises. Boiler and Pressure Plant Insurance covers damage to boilers & pressure plant with damage to surrounding property and Third Party legal liability arising due to explosion and collapse of the boiler/ pressure plant during its normal course of working.
What does a boiler & pressure plant policy cover?
Mention Below
- 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.
- Damage (other than fire ) to the boilers & pressure vessels damage to surrounding property – up to limit agreed.
- Third party legal liability due to explosion/ collapse/ Implosion – up to limit agreed.
What is not covered by a boiler & pressure plant policy?
- Fire, smoke, soot, aggressive substance lightning, theft, collapse of buildings, subsidence, landslide, rockslide, water
- Accident loss damage and/or liability resulting from overload experiments or tests requiring the imposition of abnormal conditions
- Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under contracts
- Nuclear reaction, nuclear radiation or radioactive contamination.
- Willful act or willful negligence
- Wear and Tear
- Inherent defects
- Lack of maintenance
- Consequential loss
Add On Covers
Mention Below
- Express freight (excluding airfreight), Overtime and Holiday rates of wages.
- Airfreight
- Owner’s Surrounding Property
- Third Party Liability
- Additional Customs Duty
Additional Covers
Express freight
Air freight
Owners Surrounding Property
Escalation
Third party Liability
Additional custom duty
What is the purpose of boiler and machinery insurance?
In the event of equipment breakdown, businesses often face significant downtime. Boiler and machinery insurance helps cover the financial losses associated with business interruption, ensuring a smoother recovery process.
Which of the following is covered under boiler and pressure plant policy?
Boiler Pressure Plant Policy covers Boiler & Pressure vessel installed at your premises against risk of Explosion, Implosion and Collapse. It can be extended to cover third party liability and other specified risks.
