This is a specially designed policy which covers accidental loss or damage to a Boiler & Pressure Plant. In this Industrial era manufacturing units are exposed to Boiler explosion risk within premises. Gulf Unions Boiler and Pressure Plant Insurance covers damage to boilers & pressure plant with damage to surrounding property and Third Party legal liability arising due to explosion and collapse of the boiler/ pressure plant during its normal course of working.
The Policy covers physical loss or damage to boilers and/or other pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.
- Damage (other than Fire) to the boilers & pressure vessels;
- Damage to surrounding property - Upto Limit agreed and
- Third party legal liability due to Explosion/ Collapse/ Implosion - Upto Limit agreed
- Express freight (excluding airfreight), Overtime and Holiday rates of wages.
- Owner’s Surrounding Property
- Third Party Liability
- Additional Customs Duty
Sum Insured should represent their new replacement values
Premium depends upon Type of Boiler and Age of Boiler
The policy is subject to a compulsory excess
The policy does not cover any losses or damage due to
- Fire, smoke, soot, aggressive substance lightning, theft, collapse of buildings, subsidence, landslide, rockslide, water
- Accident loss damage and/or liability resulting from overload experiments or tests requiring the imposition of abnormal conditions
- Loss or damage for which the manufacturer or supplier or repairer of the property is responsible either by law or under contracts
- Political risks;
- Nuclear reactions, Nuclear radiation or radioactive contamination;
- Willful act or willful negligence;
- Wear and tear,
- Inherent defects;
- Lack of maintenance;
- Consequential loss
Note: Policy details given are indicative, not exhaustive. Please contact your nearest Gulf Union office for further details