Boiler & Pressure Plant Insurance
What it covers
Major exclusions
The intense pressure and the high temperature generated by the boilers and pressure vessels in your factories are highly vulnerable to loss and/or damage due to explosion or collapse and also may cause extensive collateral damage to the property in the vicinity. This policy is designed to offset such mishap
Sum Insured: Should represent the new replacement value of the plant inclusive of freight, customs duties and erection cost.
What it covers
- Damage to the boilers and/or pressure vessels caused by and solely due to explosion or collapse
- Damage to the insured's own surrounding property
- Third party liability for death or bodily injury or damage to third party property.
Major exclusions
- Fire and allied perils
- Defects and subsequent losses due to wearing away of boiler components and functional failures
- Wilful act or wilful negligence
- Losses due to stoppage of works
- Tests imposing abnormal conditions
- Faults or defects existing at the time of commencement of insurance, which were/ ought to have been, known by the insured.
- Political risks exclusions
- Radioactive exclusions
- Pollution/contamination exclusions
- Consequential losses
