Kissan Agricltural Pumpset Insurance

1. APPLICABILITY

The policy applies to Centrifugal Pumpsets (Electrical & Diesel) and submersible pumpsets upto 25 H.P. capacity used for Agricultural purposes only. Pumps with higher capacity i.e. more than 25 H.P. should be insured with Engineering Department.

2. SCOPE OF COVER

(a) Fire and or lightning
(b) Theft/burglary (due to violent forcible entry and provided the pumpset is kept in a locked enclosure).
(c) Mechanical/Electrical Breakdown.
(d) Riot, Strike, Malicious damage.
(e) Terrorism.

3. ADDITIONAL/OPTIONAL COVER

(a) Flood risk can be covered by payment of additional premium.
(b) It is preferable to grant this cover where pump sets are fixed well and kept in enclosures and granting of cover in flood prone areas should preferably be avoided.
(c)Premium – 0.5%

4. EXCLUSIONS

(a) Normal wear and tear, gradual deterioration due to atmospheric conditions or otherwise.
(b) Wilful act or gross negligence of insured or his representative.
(c) Faults existing at the time of commencement and known to the insured or his representative.
(d) Loss or damage for which the manufacturer or supplier of property is responsible either by law or under contract.
(e) Cost of dismantling, transporting to workshop and back as also cost of re-erection. However, transport and re-erection charges to be paid in full in case of total loss.

5. SUM INSURED

100% of Market Value at the time of proposal.

6. PREMIUM

(i) Standard cover (Excluding Flood risk) 1% of S.I.
(ii) Flood cover (optional) 0.5% of S.I.

Note : Premium will be loaded by 50% for pumpsets which are more than 10 years old.

http://www.orientalinsurance.org.in