The field of business gets different with the types and sizes and thus each and every business has certain requirements. The ICICI Lombard has a huge range of business products. These products are designed to meet the needs across the spectrum of commercial field. It is essential to get sufficient insurance cover for the trader’s business to tone down the risk.
The Industrial Insurance is of 7 types, namely;
• Boiler and Pressure Plant Insurance Policy
• Electronic Equipment Insurance Policy
• Machinery Breakdown Insurance Policy
• Erection All Risks
• Machinery Loss of Profits Insurance Policy
• Contractors' All Risk Policy
• Contractors' Plant & Machinery
The ICICI Lombard Boiler and Pressure Plant Insurance Policy covers for the safety of the boilers and other vessels of pressure. It covers both fired and unfired against looses because of collapsing or explosion.
In this policy the sum insured is the reinstatement cost of the boiler. The payments of the premium charges depend on the boiler type, fuel type and age of equipment. The policy also allows certain discounts for stand by facilities and seasonal factories.
The ICICI Lombard Boiler and Pressure Plant Insurance Policy has excluded certain loss or damages. Those are:
• Fire and allied perils
• War and Nuclear perils
• Losses arising out of overload experiments
• Gradual wear and tear of parts
• Failure of individual tubes, loss due to chemical reactions
• Willful acts or gross negligence
• Loss which is manufacturer’s or repairer’s responsibility
• Consequential loss from explosion or collapse
This insurance policy has certain extensions which are as follows:
• The nearby possessions of the insured, which includes, the property in custody of trust or of commission.
• Legal indebtedness for 3rd party corporeal injury and damage of property.
• Air Freight, Express Freight and Additional Customs Duty is allowed to cover by payment of additional premium.