|
Machinery Insurance is
against unforeseen and sudden physical damage to the insured machinery from
causes such as
·
Faulty material, design, construction, erection
·
Vibration, maladjustments, malalignment
·
Defective lubrication, loosening of parts, molecular
fatigue, self heating, explosion due to internal pressure, implosion due to
external pressure or internal vacuum, abnormal stress, centrifugal force.
·
Excessive electric pressure, failure of insulation,
short circuit, open circuit, or arching including damage by internal fire so
set up.
·
Failure of connected machinery or protective devices.
·
Lack of skill, carelessness or malice of persons,
whether insured employee or not.
·
Falling, impact, collision and the like.
|
|
S.I. for each item of Machinery Deductible Excess
1) upto
Rs. 2.5 crores 1%
of S.I. or minimum
Rs.
250/- against each claim.
2) Over
Rs. 2.5 crores and 0.8%
of S.I. subject to minimum
upto
Rs. 5 crores Rs.
2,50,000/- against each item.
3) Over
Rs. 5 crores and 0.6%
of S.I. subject to minimum
upto
Rs. 10 crores Rs.
4 lacs against each item.
4) Over
Rs. 10 crores 0.5%
of S.I. subject to minimum
Rs.
6 lacs against each item.
5) For
Glass lined Vessels/ 10%
of the S.I. for each claims.
Glass-Graphite
Equipments.
6) Furnace
Transformers 2%
of the S.I. or minimum
Rs.
250/- agianst each claim.
7) Photo
copiers 5%
of S.I. or minimum
Rs.
1000/- against each claim
Only electrical equipment
had tariff rates till 31-7-91, w.e.f. 1-8-91 mechanical items are also
brought under the purview of tariff.
|
