Boiler Explosion
This policy covers the sudden and unforeseen Loss or Damage to any type of Boiler &/or Pressure Plants/vessels fitted in any Industrial or Non-Industrial unit, due Explosion or Collapse during the normal course of working. It also covers any damage to surrounding property and Third-Party legal liability arising due to the explosion and collapse of the boiler/ pressure plant. The policy is critical to the manufacturing process as the impact from such events could assume catastrophic proportions, both in terms of the lives and the financial losses due to explosion. Thus the policy is critical for all manufacturing set up and should be opted by all Industrial Units, if not attained yet.
Coverage
This insurance policy indemnify against the below noted coverage:
>> Loss or Damage to the boilers & pressure vessels due to Explosion/Implosion or Collapse
>> Damage to surrounding property - Upto Limit agreed
>> Third party legal liability due to Explosion/ Collapse/ Implosion - Upto Limit agreed
MAJOR EXTENSIONS AVAILABLE
This policy could also extended to cover the losses / expenses at agreed premium on account of
>> Additional custom duty
>> Express freight Air freight
>> Owners surrounding property
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Third party liability
Why to buy Boiler and Pressure Plant?
This policy covers physical loss or damage to boilers and/or another pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.
What warranties are applied under the policy?
As the Boilers and Pressure Plants come under the purview of Statutory Regulations, the following warranties are applied under the policy:
• Boilers are annually inspected by the competent authority.
• The Boilers shall only be operated by attendants holding a valid certificate of competency issued under the appropriate Boiler Act.
• The unqualified permission in writing by the inspecting Authority to operate the boiler.
MAJOR EXCLUSIONS
This policy does not cover loss, damage and/or liability resulting from
>> Fire and Allied Perils
>> Burglary and theft Willful acts &/or Gross Negligence
>> Consequential loss of any kind
>> Overload experiments or tests
>> Breakdown of equipment
>> Normal wear and tear, Pre- existingfaults or defects
>> War and Nuclear Perils
>> Failure of individual tubes unless resulting in explosion or collapse
>>
Faults/ defects/ losses/ damages for which the manufacturer or supplier or repairer is responsible
RATING DETAILS
• Type of Boiler.
• Age of Boilers
.
This policy covers physical loss or damage to boilers and/or another pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.
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Type of Boiler.
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Age of Boilers
As the Boilers and Pressure Plants come under the purview of Statutory Regulations, the following warranties are applied under the policy:
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Boilers are annually inspected by the competent authority.
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The Boilers shall only be operated by attendants holding a valid certificate of competency issued under the appropriate Boiler Act.
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The unqualified permission in writing by the inspecting Authority to operate the boiler.
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Heading Boiler Explosion Insurance:
Detail Boiler Explosion Insurance
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Additional Documents Required :
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Report of any internal committee investigating the cause of fire
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Fire brigade report
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First Information Report (FIR) or Letter of Intimation (LOI) to the Police Station endorsed by the Police Department.
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Forensic laboratory report on samples collected at the site of incident
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Drug Inspector’s Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only)
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Final Investigation Report
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The action taken on the suggestion of TAC/ LPA on loss minimization of prevention.
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Factory Inspector’s Report or Report from Director of Industrial Safety and Welfare.
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Common Documents :
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A certified copy of the policy along with schedule and endorsements/clauses
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Duly filled out claim form
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Newspaper reports on the incident, if any
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Photographs
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Past claims records, if any
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