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.