Agricultural Pumpset Insurance

Coverage

All kinds of pumpsets like centrifugal, jet and submercible (both electrical and diesel) upto 30 HP of approved makes. 

Who can be Insured ?

Owners of pumpset or financing banks and manufacturers of pumpset can insure under Pumpset Package Policy. 
Risks Covered

a)Fire and lightning 
b) Theft/burglary 
c) Mechanical/Electrical breakdown 
d) RSMD and Terrorism 
e) Flood

What will Policy Pay and How Much ? 

For total loss of sum insured or market value prior to loss whichever is less is payable . For replace parts, dpereciation is chargeable in the event of electrical / mechanical breakdown losses. The rewinding charges are reimbursable subject to maximum limits specified in the  policy. There will be due deduction for salvage and excess  

What will Policy not Pay ? 

a) Normal wear and tear, gradual deterioration due to atmospheric condition or otherwise. 
b) Wilful or gross negligence of insured or his representative.
c) Faults existing at the time of commencement of insurance known to insured or his representative.
d) Loss or damage for which manufacturers or suppliers are responsible either by law or under contract.
e) Cost of dismantling, transport, re-erection.
f) War and nuclear perils.

http://www.uiic.co.in/ruralhome.jsp