The below given policies are of great use in industrial and commercial establishments.
1. Machinery Breakdown Insurance (MBD): This policy covers loss or damage due to breakdown of electrical or mechanical equipments due to instances such as entry of foreign particle, faulty material or design, vibration, maladjustment, defective lubrication, electrical pressure, self-heating etc. Furnace, D.G.Sets, Transformers, Compressors, Cooling Towers, Cutting machines, Conveyors etc can be insured under this.
2. Machinery loss of profit (MLOP): Reduction or Loss of profit following machinery breakdown referred above is covered under this policy. This is issued in conjunction with MBD policy.
3. Electronic Equipment Insurance (EEI): This is an All Risk policy which covers virtually all types of damages to electronic equipments (such as computers) and also auxiliary equipments (such as UPS, Printers ). This policy can be taken in respect of various types of electronic equipments used in office, Communication equipments, Medical equipments, etc. The coverage can be extended to include external data media and also cost of hiring alterative equipment in case of insured equipment suffering breakdown.
4. Contractor’s Plant and Machinery Insurance (CPM): This policy covers all types of accidental loss or damage (other than breakdown) to contractor’s equipments whilst these equipments are being used in the site specified. TP liability arising out of use of these equipments can also be covered separately. Cranes, Forklift trucks, Mixing Plants, Road rollers etc can be insured under this.
5. Boiler Explosion and Pressure Plant Insurance (BPP): Covers loss or damage to industrial boilers due to it’s own explosion or implosion. The damage to other property of same owner and also liability towards third parties for injury/death/damage can also be covered