Under this policy as the name is stated the pressure plant and the boiler is insured. The insurer should have a written proposal of the premium paid as stated in the schedule which is considered for indemnity during the period of indemnity as stated in the schedule.
Risks covered under this policy
During the period of policy coverage or during the time of renewal which is subjected to the exclusions, definitions, provisions and conditions contained or endorsed the policy is insured against the following:
1. Other than the fire, damage to the pressure vessel or boiler as stated in the schedule and other property belonging to the insured
2. Damage to property not belonging to the insured becoming a liability at law
3. Liability at law on account of non-fatal or fatal injuries to any other person outside the insured’s employees, workmen or the insured’s family members caused only by collapse or explosion of any pressure vessels or boilers as stated in the schedule when doing ordinary course of work
The compensation will be made provided that the sum does not cross the insured amount of the pressure vessel or boiler during any one year of insurance as stated in the schedule. Damage of property other than the insured and third party liability the indemnity limit is specified in the schedule.
Compensation not payable in the following cases:
Loss due to work stoppage
Loss/damage due to natural calamities
Wear and tear due to daily work