Contractor Plant and Machinery
This plan covers accidental and external damage to the insured machinery due to any cause apart from those exclusively excluded from the policy. Such heavy duty machinery operate in hostile terrain. These are exposed to extreme weather conditions and other hazards. Under such situation it becomes imperative to ensure that these machinery are insured. The plan is applicable to the machinery while it is in operation, at rest condition, under dismantling for purpose of cleaning, overhauling, and reassembling for maintenance. The policy does not include damage due to electrical or mechanical breakdown, requirement of replacement of parts, transit from one location to another, wear and tear, corrosion, rust, whilst being used for a purpose other than designed for and during testing process.
Boiler and Vessel Insurance
This insurance plan covers damage caused to boilers and pressure vessel and surrounding property. This plan also covers the third party legal liability arising due to the accident of the boiler or vessel.
Machine Erection Insurance
The process of erection and installation of machinery involves high risk which could result into heavy damage to the property and add to the financial losses. Erection policy is a comprehensive policy designed to cover the risk of loss arising due to the process of erection and installation of machinery, plant and steel structures. This includes physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury or property damage arisingdue to these operations. Principal owners, contractors, architects and financiers will benefit from this policy as it helps to reduce the overall expenses in case of unforeseen accidents that lead to financial losses.
Machinery Breakdown Insurance
Machines are the integral part of manufacturing units. Large and small industrial establishments are prone to sudden unexpected breakdown of machinery which may stall their functioning and leading to huge financial losses. The Machinery Breakdown Insurance is a policy that covers sudden and unforeseen costs arising due to damages from accidental mechanical and electrical breakdowns to insured plant and machinery. This insurance policy is extremely beneficial for owners of the machine or a person in manufacturing industry to protect machinery against heavy expenses necessitated in repairing of the machinery under breakdown. All types of machinery such as pumps, turbine, compressor, transformer, generator, electrical motor, etc. are covered under this policy.
Electronic Equipment Insurance
Business today are highly dependent on the electronic medium such as laptops, desktops etc. Damage to these equipment can disrupt the functioning of businesses. The policy provides coverage against unforeseen and sudden physical loss or damage to the electronic equipment. The damage caused to external data media such as tapes, discs, punch cards etc. is also covered under this plan. This policy is suitable for the owners or hirer of the electrical equipment.
Contractor All Risk
This policy is specially designed to benefit civil engineering contractors in the event of an accident to the civil engineering work under construction. As a contractor one of your priorities is to protect your investment against damages. The policy can be taken by principal contractor, contractor or sub-contractor, jointly or separately. This policy covers civil constructions such as residential building, office buildings, hospitals, schools, theaters, bridges, tunnels, dams, canals, roads, railways, bridges, airports, etc. It usually also includes protecting your liability against third party claims arising from construction activities.