Pump Set Insurance

Pump_Set_Insurance

Pump Set Insurance

Rural Insurance Policy

1. SUBJECT COVERED:

Centrifugal pump sets (Electrical and Diesel / Oil) and submersible pump sets used for agricultural purposes only. It includes Pump, Driving Unit and Starter.

2. IDENTIFICATION:
  • Make
  • Year of Manufacture
  • Serial Number
  • HP
3. RISKS COVERED:
  • Mechanical / Electrical Breakdown (not covered under warranty period)
  • Fire and lightning
  • Theft and burglary (only if pump set is lodged in a permanent enclosure and there is forcible and violent entry but not applicable to submersible pump set)
  • Riot / Strikes, Malicious damage, Terrorism
  • Flood & STFI cover on payment of extra premium
4. EXCLUSIONS:
  • Normal wear & tear, gradual deterioration due to atmospheric conditions or otherwise
  • Willful act of gross negligence by Insured or his representative
  • Faults existing at the time of commencement of risk and known to the Insured or his representative
  • Loss or damage for which manufacturer or supplier of pump set is responsible either by Law or under Contract
  • Cost of dismantling, transport to workshop & back and also cost of re-erection
5. SUM INSURED:

100% of Market Value at the time of issuance of cover or present replacement value of the Pump set.

6. DEDUCTIBLE FRANCHISE:

In respect of Machinery Breakdown claim for agricultural pump set, the Insured has to bear a certain amount of claim.

Note: Policy details given are indicative, and not exhaustive, please contact our nearest NIA office for further details.

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