Engineering Ins

8/14/2019 Engineering Ins

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ENGINEERING INSURANCE ORIGINATED IN

U.K.IN THE MIDDLE OF THE 19th CENTURY

WITH INSURANCE AGAINST BOILER

EXPLOSION RISKS

OTHER INSURANCES LIKE MACHINERY

BREAKDOWN /DOS/ PROJECT INSURANCES

BECAME POPULAR WITH THE GROWTH OF

INDUSTRIALISATION

TWO BROAD GROUPS-

4. CONSTRUCTION PHASE COVERS

5. OPERATIONAL PHASE COVERS

BACKGROUND


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PROJECT COVERS

I. MATERIAL DAMAGE (MD)

A) CONTRACTORS ALL RISK (CAR)

B)ERECTION ALL RISKS (EAR)

STORAGE CUM ERECTION (SCE)

C)MARINE CUM ERECTION (MCE)

II. BUSINESS INTERRUPTION

A) ADVANCE LOSS OF PROFIT(ALOP)

FOLLOWING LOSS OR DAMAGE

PROPERTY UNDER EAR/CAR

CONSTRUCTION PHASE


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OPERATIONAL PHASE-OPERATIONAL COVERSI. MATERIAL DAMAGER(M.D.)

A. I) MACHINERY INSURANCE

II) BOILER AND PRESSURE PLANT(BPP)

III) ELECTRONIC EQUIPMENT

INSURANCE (EEI)

F. CONTRACTORS PLANT MACHIENRY

(CPM)

G. CIVIL ENGINEERING COMPLETED

RISKS(CECR)INSURANCE

OPERATIONAL PHASE


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D. DETERIORATION OF STOCK (DOS)

II. BUSINES INTERRUPTION=LOP

MACHINERY LOSS OF PROFIT (MLOP)

FOLLOWING MATERIAL DAMAGE

UNDER M.B.POLICYBPPLOP FOLLOWING

EXPLOSION/IMPLOSION DAMAGE TO

BOILER/PRESSURE VESSEL

OPERATIONAL PHASE COVERS

contd


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PURPOSE

2. TO PROTECT THE INTEREST OF

CONTRACTORS

PRINCIPALS

FINANCIERS

2. POLICY IDEALLY SUITED FOR CIVILENGINEERINGPROJECTS LIKEMULTISTORIED BUILDINGS/ BRIDGES /FLYOVERS

/DAMS/ ROADS/ CANALS/ SILOS/TUNNELS etc.

VALUE OF CIVIL WORKS SHOULD BE MORE THAN50%

CONTRACTORS ALL RISK POLICY

(CAR)


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CAR POLICY- PERILS COVERED

SECTION I (MATERIAL DAMAGE)

ALL RISK COVER (ALL RISKS OTHER

THAN EXCLUSIONS) THIS MEANS

THAT ALMOST ANY SUDDEN AND

UNFORESEEN LOSS OR DAMAGE WILL

BE COVERED INCLUDING- ACCIDENTAL LOSSES LIKE COLLAPSE,

IMPACT FIRE ,LIGHTNING, EXPLOSION

AOG PERILS LIKE STFI GROUP,

EARTHQUAKE, LANDSLIDE/ROCKSLIDE

HUMAN PERILS LIKE THEFT / BURGLARY,

BAD WORKMANSHIP,LACK OF SKILL,

NEGLIGENCE, MALICIOUS ACTS , HUMAN


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CAR POLICY- PERILS COVERED ..contd

EXCLUSIONS UNDER SECTION I

EXCESSNORMAL WEAR AND TEAR,RUSTING

CORRECTION OF ANY ERROR UNLESSRESULTING IN PHYSICAL DAMAGE/LOSS

FILES/DRAWINGS/CURRENCY,CHEQUESPACKING MATERIAL

PENALTIES UNDER CONTRACTCONDITIONS

VEHICLES LICENSED FOR ROAD USELOSS/DAMAGE DUE TO FAULTY DESIGN

SECTION-II (THIRD PARTY LIABILITY)


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CAR POLICY -SUM INSURED

SUM INSUREDESTIMATED COMPLETELY ERECTED VALUE OF

THE CONTRACT WORKS INCLUSIVE OF

WAGESMATERIALSCOST OF CONSTRUCTIONFREIGHTCUSTOM DUTY

TAXES ITEMS SUPPLIED BY PRINCIPALSUM INSURED IS ADJUSTABLE ON COMPLETION OF

CONSTRUCTION ON THE BASIS OF ACTUAL VALUES IN

RESPECT OF CONSTRUCTION COST,FREIGHT CUSTOM DUTIES

(INCREASE/DECREASE IN PRIME COST OF MATERIAL NOT TOBE TAKEN INTO ACCOUNT


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CAR POLICY-OTHER IMPORTANT

PROVISIONS

POLICY PERIOD -COMMENCEMENT OF WORK ORAFTER THE UNLOADING OF THE FIRST

CONSIGNMENT AT THE SITE--WHICHEVER IS

EARLIER. THE COVER EXPIRES ON COMPLETION

OF THE PROJECT/COMPLETED PART BEING TAKENOVER OR PUT INTO OPERATION BY PRINCIPAL/THE

DATE SPECIFIED IN THE POLICY --- WHICHEVER IS

EARLIER.

COVER FOR CONSTRUCTION PLANT MACHINERY-CONSTRUCTION PLANT& MACHINERYCAN BE

COVERED WHERE S/I FOR CPM DOES NOT EXCEED

5% OF CAR S/I

SURROUNDING PROPERTY-SEPARATE S/I TO BE


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CAR POLICY-OTHER IMPORTANT

PROVISIONS..contd

a REMOVAL OF DEBRISREMOVAL OF DEBRIS

a MAINTENANCE COVER-TWO TYPESMAINTENANCE COVER-TWO TYPES

3.3. LIMITED MAINTENANCE-LOSS/DAMAGE TOLIMITED MAINTENANCE-LOSS/DAMAGE TO

COTRACT WORKS CAUSED BY CONTRACTORCOTRACT WORKS CAUSED BY CONTRACTOR

DUE TO OPERATIONS CARRIED OUT FORDUE TO OPERATIONS CARRIED OUT FORCOMPLYING WITH MAINTENANCECOMPLYING WITH MAINTENANCE

PROVISIONS OF THE CONTRACTPROVISIONS OF THE CONTRACT

4.4. EXTENDED MAINTENANCE-AS ABOVE PLUSEXTENDED MAINTENANCE-AS ABOVE PLUS

LOSS/DAMAGE DURING MAINTENANCELOSS/DAMAGE DURING MAINTENANCEPERIOD CAUSED BY FAULT/PERIL INSUREDPERIOD CAUSED BY FAULT/PERIL INSURED

DURING THE CONSTRUCTION PERIODDURING THE CONSTRUCTION PERIOD

a ADDITIONAL EXPENSES FOR OVERTIME/ADDITIONAL EXPENSES FOR OVERTIME/

EXPRESS FREIGHT/AIR FREIGHTEXPRESS FREIGHT/AIR FREIGHT

a COVER FOR ADDITIONAL CUSTOMS DUTYCOVER FOR ADDITIONAL CUSTOMS DUTY


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ERECTION ALL RISK POLICY

WHEREAS CAR POLICY IS CONCERNED WITHCIVIL ENGINEERING WORKS,EAR OR SCE

(STORAGE CUM- ERECTION) IS CONCERNED WITH

INDUSTRIES AND DEALS WITH ERECTION OF

PLANT AND MACHINERY/ EQUIPMENT AND

STRUCTURES WHERE THE COST OF CIVIL WORKS

DOES NOT EXCEED 5%OF THE PROJECT COST.

POLICY MAY BE ISSUED IN THE JOINT NAMES OF

PRINCIPALS/CONTRACTORS /FINANCIERS IN

RESPECT OF THE ENTIRE PROJECT OR PART

THEREOF AS PER CONTRACT SPECIFICATIONS.

COVERAGEALL RISK COVER ON THE LINES OFCAR POLICY


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SCOPE OF EAR POLICY

SUM INSURED=COMPLETELY ERECTED

VALUE OF PROJECT INCLUDING

FREIGHT, COST OF ERECTION etc. POLICY PROVIDES FOR-

3. PREMIUM ADJUSTMENT

4. CPM COVER

5. SURROUNDING PROPERTY6. REMOVAL OF DEBRIS

7. THIRD PARTY LIABILITY

8. MAINTENANCE COVER

ON THE LINES OF CAR POLICY


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POLICY PERIOD

POLICY WILL COMMENCE FROM THE TIME OF

UNLOADING OF THE FIRST CONSIGNMENT AT

THE SITE AND CONTINUES DURING THESTORAGE/ERECTION / TEST OPERATION OR

TEST LOADING /TRIAL RUNNING etc. AND EXPIRE

AFTER COMPLETION OF THE PROJECT/HANDING

OVER TO THE PRINCIPALS OR THE DATE

SPECIFIED IN THE POLICY WHICHEVER IS

EARLIER. ONE MONTH TESTING IS INBUILT

UNDER THE POLICY

REFUND OF PREMIUM ALLOWED FOR EARLY

COMPLETION SUBJECT TO TERMS/CONDITIONS

SCOPE OF EAR POLICYcontd


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MARINE-CUM-ERECTION POLICY

MCE POLICY PROVIDES MARINE ALL RISK

COVER IN CONJUNCTION WITH EAR POLICY

POLICY PERIOD-COMMENCES WITH THE

DISPATCH OF THE FIRST CONSIGNMENT TO

THE PROJECT SITE. A SEPARATE MARINE

TRANSIT POLICY FOR IMPORTED AND

INDIGENEOUS EQUIPMENTS /PROJECT

MATERIAL ON ALL RISK PLUS WAR/SRCC

TERMS IS ISSUED IN CONJUNCTION WITH THEEAR/SCE POLICY.

FABRICATORS WORKS EXTENTION-COVERS PROJECT

MATERIAL AGAINST TO-AND FRO TRANSIT RISKS AND

STORAGE RISKS AT FABRICATORS PREMISES


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PROPERTY TO BE COVERED-BOILERS/PRESSURE PLANTS WITH

AUXILLARIES

ELECTRICAL EQIPMENTS LIKE

ALTERNATORS/GENERATORS/MOTORS/RECTIFIERS/SWITCHGEAR/TRANFORMERS

MECHANICAL PLANT/ MACHINERY

INCLUDING ENGINES/ PUMPS/ PROCESS

MACHINERY/BLOWERS/COMPRESSORS/REFRIGERATION PLANT/TURBINES

/MACHINE TOOLS AND PRESSES

LIFTING EQUIPMENTS LIKE LIFTS ,

HOISTS, CRANES,CONVEYORS

MACHINERY INSURANCE POLICY


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POLICY COVERAGE

UNFORSEEN AND SUDDEN PHYSICAL LOSS

OR DAMAGE BY ANY CAUSE (OTHER

THAN EXCLUSIONS) TO THE INSURED

PROPERTY-3. WHILE IT IS AT WORK OR AT REST OR

4. WHILE BEING DISMANTLED FOR CLEANING OR

OVERHAULING OR

5. DURING CLEANING OR OVERHAULING

6. DURING SUBSEQUENT ERECTION/ REASSEMBLY

OR

5. WHILE BEING SHIFTED WITHIN THE INSURED

PREMISES



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LOSS PRODUCING EVENTS COULD BE-

ELECTRICAL eg. Short circuit,arcing,failure of

insulation, malfunctioning of control circuits etc.

MECHANICAL eg.faulty material/ casting,vibrations, maladjustments,loosening of parts,

abnormal stress, centrfugal forces, defective

lubrication, failure of protective devices etc.

EXTERNAL/ACCIDENTAL eg.entry of foreignbody,impact,collision etc.SUM INSURED=CURRENT NEW REPLACEMENT

VALUE INCLUDING TRANSPORTATION TO

SITE/DUTY/ERECTION OR INSTALLATION COST


contd


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contd

a IMPORTANT EXCLUSIONS-IMPORTANT EXCLUSIONS-2.2. FIRE AND SPECIAL PERILSFIRE AND SPECIAL PERILS

3.3. LOSS/DAMAGE DUO TO OVERLOAD TESTS ORLOSS/DAMAGE DUO TO OVERLOAD TESTS OR

EXPERIMENTSEXPERIMENTS

4.4. WASTAGE OF MATERIAL /WEARING OUT OFWASTAGE OF MATERIAL /WEARING OUT OFANY PART DUE TO GRADUALANY PART DUE TO GRADUAL

DETERIORATION /USAGE OR WORKINGDETERIORATION /USAGE OR WORKING

5.5. WAR AND WARLIKE PERILS/NUCLEARWAR AND WARLIKE PERILS/NUCLEAR

PERILS/CONSEQUENTIAL LOSSESPERILS/CONSEQUENTIAL LOSSES

6.6. MANUFACTURING DEFECTSMANUFACTURING DEFECTS

7.7. WILFUL ACT/GROSS NEGLIGENCE OF THEWILFUL ACT/GROSS NEGLIGENCE OF THE

INSUREDINSURED

8.8. DAMAGE TO EXCHANGEABLE PARTS TOOLSDAMAGE TO EXCHANGEABLE PARTS TOOLS

SUCH AS BLADES/CUTTERS /KNIVES etc.SUCH AS BLADES/CUTTERS /KNIVES etc.


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CONTRACTORS PLANT & MACHINERY

(CPM) POLICY

PROPERTY COVERED- CONTRACTORESPLANT AND MACHINERY LIKE PILE

DRIVING EQUIPMENT,

EXCAVATORS,COMPRESSORS,CRANES,

MIXING PLANTS,STONE CRUSHERS,

BULLDOZERS CPM CAN BE INSURED UNDER CAR/EAR

POLICY AS AN ADDITIONAL ITEM IF THESUM INSURED OF CPM IS 5% OF TOTAL

SUM INSURED OF CAR /EAR PROJECT

SUBJECT TO MAXIMUM OF RS.25 LACS


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CONTRACTORS PLANT &

MACHINERY POLICY Contd..

PERILS COVERED

UNFORSEEN AND SUDDEN PHYSICAL

LOSS /DAMAGE FROM ANY CAUSE

INCLUDING -

a) BURGLARY ,THEFT,RIOT & STRIKE ,

MALICIOUS DAMAGE AND TERRORISM

b) FIRE & LIGHTNING, EXTERNAL

EXPLOSION, EARTHQUAKE, FLOOD,

INUNDATION, SUBSIDENCE, LANDSLIDE

AND ROCKSLIDE.


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(CPM) POLICY Contd..

PERILS COVEREDcontd

c) STORM,TEMPEST, HURRICANE,

TYPHOON AND TORNADO

d) ACCIDENTAL DAMAGE DUE TO MAN

HANDLING, DROPPING OR FALLING,

COLLAPSE , COLLISION AND IMPACT

SUM INSURED=CURRENT NEW

REPLACEMENT VALUE INCLUDING

TRANSPORTATION COSTS/CUSTOM

DUTY/ERECTION OR INSTALLATION

COSTS


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(CPM) POLICY Contd..

SCOPE OF COVER: THE CPM IS

COVERED

A)WHILE IT IS AT WORK OR AT REST

B) WHILE BEING DISMANTLED FORCLEANING OR OVERHAULING OR

C) REASSEMBLING THEREAFTER

THE MACHINERY IS COVERED WHILE

THE SAME IS LYING AT CONTRACTORS

OWN PREMISES OR AT THE VARIOUS

SITES/ LOCATIONS .TRANSIT RISKS FROM

ONE SITE TO ANOTHER ARE NOTCOVERED


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CONT RACT OR S PL ANT & MA CH INERY(CP M) P OLI CYCont d. .a PRINCIPAL EXCLUSIONS-PRINCIPAL EXCLUSIONS-2.2. ELECTRICAL/MECHANICAL BREAKDOWNELECTRICAL/MECHANICAL BREAKDOWN

3.3. WAR AND WARLIKE PERILS/NUCLEAR RISKSWAR AND WARLIKE PERILS/NUCLEAR RISKS

4.4. WILFUL ACT/WILFUL NEGLIGENCE OFWILFUL ACT/WILFUL NEGLIGENCE OF

INSURED/REPRESENTATIVEINSURED/REPRESENTATIVE5.5. OVERLOAD TESTS/EXPERIMENTSOVERLOAD TESTS/EXPERIMENTS

6.6. EXCHANGEABLE PARTS /TOOLSEXCHANGEABLE PARTS /TOOLS

7.7. TOTAL/PARTIAL IMMERSION IN TIDALTOTAL/PARTIAL IMMERSION IN TIDALWATERS OR WHILST WORKINGWATERS OR WHILST WORKING

UNDERGROUNDUNDERGROUND8.8. EXCESSEXCESSa POLICY EXTENTIONSPOLICY EXTENTIONS

10.10. T.P.LIABILITYT.P.LIABILITY

11.11. SURROUNDING PROPERTY/DEBRIS REMOVALSURROUNDING PROPERTY/DEBRIS REMOVAL

12.12. OVERTIME WAGES /EXPRESS FREIGHTOVERTIME WAGES /EXPRESS FREIGHT

BOILER & PRESSURE PLANT POLICY


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BOILER & PRESSURE PLANT POLICY

BOILERS GENERATE STEAM WHICH

IS USED IN VARIOUS PROCESSES IN

INDUSTRIES.STEAM IS ALSO USED INTHERMAL POWER PLANTS TO DRIVE

THE TURBINES.

PROPERTY COVERED-

BOILERS /ECONOMISERS/SUPER HEATERS/

STEAM PIPES/ PRESSURE VESSELS /OTHER

VESSELS UNDER STEAM GAS OR AIR

PRESSURE

BOILER & PRESSURE PLANT


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POLICYcontd

PERILS COVERED-POLICY COVERSEXPLOSION OR COLLAPSE OF THE

INSURED BOILER/PRESSUER VESSEL

RESULTING IN:

3. DAMAGE TO BOILER/PRESSURE PLANT

4. DAMAGE TO SURROUNDING PROPERTY

OF THE INSURED

5. LIABILITY TO THIRD PARTY

POLICY ALSO COVERS EXPLOSION CAUSED BY IGNITION OF

FLUE GASES

MAJOR SXCLUSIONS-FIRE AND SPECIAL PERILS,WAR ANDNUCEAR PERILS,EXTERNAL EXPLOSION



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POLICYcontd

SUM INSURED=CURRENT NEW

REPLACEMENT VALUE INCLUSIVE OF

FREIGHT/CUSTOMS DUTY/ERECTION

COST

DEFINITIONS-

BOILER-ANY FIRED CLOSED VESSEL/COMBINED

CONTAINER PIPING SYSTEM IN WHICH STEAM

IS GENERATED UNDER PRESSURE

PRESSURE PLANT-ANY UNFIRED CLOSED

CONTAINER UNDER STEAM/GAS/FLUID

PRESSURE

MACHINERY LOSS OF PROFIT POLICY(MLOP ) AND


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MACHINERY LOSS OF PROFIT POLICY(MLOP ) AND

BOILER/PRESSURE PLANT LOSS OF PROFIT

(BPPLOP)

POLICY COVERS BUSINESS INTERRUPTION

LOSSES CONSEQUENTIAL UPON MATERIAL

DAMAGE AS DEFINED IN THE RESPECTIVE

POLICIES POLICY PROVIDES INDEMNITY AGAINST-

3. LOSS OF NET PROFIT

4. LOSS OF INSURED STANDING CHARGES

5. INCREASED COST OF WORKING

ON THE LINES OF FIRE LOP.HOWEVER,UNLIKE

FIRE LOP,THE INSURED CAN SELECT THE KEY

ITEMS OF PLANT/ MACHINERY FOR M.D.+LOP


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ADVANCED LOSS OF PROFIT(ALOP)

ALOP IS ALSO KNOWN AS DELAY IN START-UP

SCOPE OF COVER

POLICY COVERS FINANCIAL CONSEQUENCES

OF A PROJECT BEING DELAYED BECAUSE OF

ACCIDENTAL DAMAGE TO THE PROJECT

MATERIAL DURING ERECTION/TESTING STAGES.

IT FOLLOWS IN PRINCIPLE THE

CHARACTERISTICS OF AN ANNUAL

CONSEQUENTIAL LOSS POLICY, BUT IS ISSUED IN

ADVANCE OF THE ACTUAL COMMENCEMENT OF

THE BUSINESS SINCE IT IS A COMPULSION FROM

THE FINANCERS OF THE PROJECT


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ADVANCED LOSS OF PROFIT(ALOP)contd.

OBJECT OF ALOP-

INDEMNIFY THE PRINCIPAL OR THE PROJECT

OWNER FOR THE ACTUAL FINANCIAL LOSS

SUSTAINED DUE TO DELAY IN COMMENCEMENT

OF COMMERCIAL OPERATIONS OF A NEWPROJECT WHICH IS UNDER INSTALLATION/

CONSTRUCTION

DELAY MUST BE CAUSED BY DIRECT PHYSICAL

LOSS OR DAMAGE ADMISSIBLE UNDERMATERIAL DAMAGE CAR/EAR POLICIES

COVERING THE CONTRACT WORKS

SUM INSURED IS COMPUTED ON THE BASIS OF

THE FINANCIAL MODEL OF THE PROJECT

DETERIORATION OF STOCK POLICY


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(DOS)

THE POLICY IS KNOWN AS -

1. DETERIORATION OF STOCK INSURANCE OR

2. STOCK SPOILAGE INSURANCE

SCOPE- THIS IS A FORM OF CONSEQUENTIAL LOSSFOR STOCKS CONTAINED IN LARGE COLD

STORAGES

THE INSURANCE COVER IS AGAINST THE RISK

OF DETERIORATION/PUTREFACTION AND/OR

CONTAMINATION FOLLOWING BREAKDOWN OF

REFRIGERATION PLANT/MACHINERY,A CLAIM

FOR WHICH IS ADMISSIBLE UNDER THE

CONCURRENT MACHINERY INSURANCE POLICY



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contd.

TWO TYPES OF POLICIES-

1. POTATOES IN COLD STORAGE

2. OTHER THAN POTATOES IN COLD STORAGE

Eg. SEA FOODS LIKE FISH /PRAWNS/FROG LEGS ,

DAIRY PRODUCTS LIKE CHEESE/BUTTER,

FRUITS,VEGETABLES AND FOOD ITEMS

INSURANCE COVER APPLIES TO

DETERIORATION OF CONTENTS CAUSED BY A

RISE IN TEMPERATURE DUE TO MATERIAL

DAMAGE TO REFRIGERATION PLANT OR

ACTION OF REFRIGERANT ESCAPING FROM THE

PLANT

POLICY MAY BE EXTENDED TO COVER FOES

ELECTRONIC EQUIPMENT POLICY


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ELECTRONIC EQUIPMENT POLICY

THE POLICY IS SPECIFICALLY DESIGNED FORELECTRONIC EQIUPMENTS LIKE-

COMPUTORS INCLUDING CPU/KEYBOARD/ MONITOR/

PRINTER/STABILIZER/UPS/SERVER/SYSTEMS SOFTWARE

ELECTRONIC DATA PROCESING (EDP) EQUIPMENTELCTRO-MEDICAL EQUIPMENT

EQUIPMENT FOR RESEARCH AND MATERIAL TESTING

TELECOMMUNICATION AND NAVIGATIONAL

EQUIPMENT

COMPUTER SYSTEM FOR PRODUCTION PLANT AND

MACHINERY

SIGNAL AND TRANSMITTING UNITS ETC.


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ELECTRONIC EQUIPMENT POLICYcontd

THE POLICY WILL APPLY ONLY AFTER SUCCESSFULCOMPLETION OF THE PERFORMANCE/ ACCEPTANCE TEST

OF THE INSURED ITEMS AND COVER WILL CONTINUE

WHETHER THEY ARE WORKING,AT REST,DISMANTLED

FOR CLEANING/OVERHAULING,SUBSEQURNT RE-

ERECTION OR BEING SHIFTED WITHIN THE PREMISES.

SCOPE OF COVER

POLICY COMPRISES THREE SECTIONS

SECTION I-- COVERS ANY SUDDEN AND UNFORESEENPHYSICAL LOSS/DAMAGE DUE TO ANY CAUSE(OTHER

THAN THOSE SPCIFICALLY EXCLUDED).THUS,THE COVER

IS ALL RISK AND INCLUDES LOCATION/OPERATIONAL/

AOG/HUMAN ELEMENT RISKS.

SUM INSURED UNDER SECTION I=CNRV


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SPECIAL EXCLUSIONS TO SECTION I-

FAULTS OR DEFECTS EXISTING AT THE TIME OF

COMMENCEMENTS OF THE INSURANCE FAILURE OR INTERRUPTION OF ANY GAS , WATER

OR ELECTRICITY SUPPLY.

LOSS OR DAMAGE FOR WHICH THE

MANUFACTURERS OR SUPPLIERS ARE

RESPONSIBLE BY LAW OR UNDER CONTRACT

LOSS /DAMAGE TO EXCHANGEABLE TOOLS,

BULBS,VALVES, TUBES, RI BBONS, BELT ETC. OR

ANY OPERATING MEDIA (E.G.LUBRICATING OIL

ETC.)UNLESS SUCH LOSS IS CAUSED BY

INDEMNIFIABLE PERILS


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SPECIAL EXCLUSIONS TO SECTION I-contd. THE EXCESS STATED IN THE SCHEDULE.THIS VARIES

ACCORDING TO THE VALUE OF EQUIPMENT.

ANY COST ARISING FROM FALSE PROGRAMMING,

PUNCHING OR INADVERTENT CANCELLING OFINFORMATION ETC.

CONSEQUENTIAL LOSS OF ANY KIND

WEAR AND TEAR,GRADUAL DETERIORATION DUE TO

ATMOSPHERIC CONDITIONS

ELIMINATION OF ROUTINE FUNCTIONAL FAILURES

GENERAL EXCLUSIONS APPLICABLE TO ALL

SECTIONS-

WAR PERILS/NUCLEAR PERILS/WILFUL ACT/NEGLIGENCE etc.


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COVERAGE FOR EXTERNAL DATA MEDIAWILL BE AGAINST THE SAME PERALS

COVERED UNDER SECTION I

SUM INSURED=COST OF RESTORING THE

INSURED EXTERNAL DATA MEDIA BY NEW

MATERIAL AND REPRODUCING LOST

INFORMATIONCOVERAGE UNDER SECTIONS II AND III IS

OPTIONAL

EXTERNAL DATA MEDIA-SECTION II


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THIS SECTION COVERS ADDITIONAL COSTINCURRED DURING INDEMNITY PERIOD IN

ORDER TO AVOID INTERRUPTIONAL DATA

PROCESSING

SUM INSURED INSURED MUST DECLARE

THE INDEMNITY LIMIT PER HOUR AND

ALSO THE TOTAL SUM INSURED.TOTAL SUM

INSURED WILL REPRESENT THE

AGGREGATE LIMIT OF INDEMNITY

PAYABLE FOR ALL EVENTS OCCURING

DURING THE PERIOD OF INSURANCE

INCREASED COST OF WORKING

SECTION III

Date post:	30-May-2018
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