What is Boiler and Pressure Vessels Insurance?
This is an insurance product tailored to protect industrial plants from boiler and pressure vessels explosion or collapse in the course of ordinary working.
- Damage to the insured’s boiler and or other pressure plants
- Damage to surrounding property of the insured
- Legal liability to third parties on account of bodily injury, fatal and or non-fatal to the person
- Damage to third party properties
The cover indemnifies the insured against:
The policy is designed to cover the sudden and violent rending or tearing apart of the permanent structure of a boiler or other apparatus by force of internal steam or fluid pressure and the sudden dangerous distortion of any part of a boiler or other apparatus by bending or crushing caused by steam or fluid pressure.
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- Defects due to wearing away or wasting of materials
- Damage to insured’s property caused by fire whether resulting from explosion or any other cause
- Loss sustained from stoppage of work
- Any kind of consequential losses
General policy exclusions include: