Liberty Videocon Fire, Engineering & Allied Perils Insurance part 2


2017-12-16 19:00:00 UTC


liberty videocon engineering insurance


In part 2, we talk about all the engineering policies, industrial insurance policies, and machinery policies offered by liberty videocon general insurnace

Erection All Risk Insurance Policy

Features & Benefits

The long process of erecting a whole building structure requires time and a lot of hard work. Besides the construction, there is equipment and machinery that need to be set up, tested and installed for a construction plant to successfully function. So, as the process involves several steps and equipment and people working on establishing a complete building, structure or plant, there are also several risks and threats involved. The Liberty Videocon Erection All Risk policy works to protect you and your resources from the start to finish of the process of erecting a new structure. The policy covers risks for a variety of projects including power plants, water and wastewater treatment facilities, manufacturing factories and telecommunications centres. Reach out to Perilwise for a quote here

An Erection All Risks policy covers not just the structure and its processes, but all the different parties involved in the erection work like the contractors and investors. The policy protects against damage to the machinery being installed, including those for storage, testing and commissioning. The coverage under the policy lasts until the duration of the project concludes and before it is handed over to the owner.

The sum insured is equal to the total value of the project including the cost of erection, buildings or the plant and the machinery, along with customs duty and the freight charges. The amount of the premium you shall pay will depend on the type of project, its overall value and the duration it lasts for comprising the period of testing.You can buy the Erection All Risk Insurance Policy if you are directly involved in an erection project as a financer, contractor, subcontractor or the purchaser or owner of the project.

To know more about the eligibility, inclusions and exclusions, please read the policy wordings or contact perilwise for assistance.

Exclusions

The policy has a few ‘named excluded perils’ or specific risk exceptions that will not be covered under the insurance. The policy will not indemnify the insured in cases of loss, damage or liability arising from or aggravated by one of the following risks:

  • Willful acts or negligence of the insured or the carelessness of his responsible representative.
  • Inventory losses discovered only at the time of taking an inventory.
  • Defective design, material, bad workmanship or faulty casting leading to a loss or damage in erection.
  • Wear and tear or gradual deterioration as a result of atmospheric conditions including rust, scratching of painted or polished surfaces or breakage of glass etc.
  • Work cessation, whether total or partial.
  • War and war-like events including invasion, hostilities, act of foreign enemy war like operations, civil war, revolution, rebellion, insurrection, civil commotion, mutiny, military or usurped power, martial law, confiscation, conspiracy, persons acting in connection with any political organization, commandeering a group of malicious persons, requisition or destruction by order of any government de jure or de facto or by any public, local or municipal authorities.
  • Nuclear events or nuclear reaction, nuclear radiation or radioactive contamination.

Please note that the insurance company shall not be held liable for the expense experienced in case of rectification or correction of any error occurred during erection, unless it results in physical loss or damage to files, accounts, drawings, bills, currency, evidence of debt, stamps, deeds, security cheques, notes or packing materials such as boxes, cases and crates.

Add-ons

Liberty Videocon Erection All Risks policy, as the name suggests, covers you from ‘All Risks,’ which may be sudden and unforeseen losses or damages to insured property. This policy also provides protection to the machinery while in use, being installed or in storage, from accidents and natural hazards like hurricanes. The coverage begins from the very time that the consignment of machinery is first unloaded at the project site and lasts until the erection of the project is completed and handed over to the owner or purchaser.

You can extend the policy cover by paying extra premium from the following risks:

  • Escalation
  • Maintenance
  • Clearance and removal of debris
  • Damage to the owner’s surrounding property
  • Third party liability
  • Additional customs duty
  • Express freight
  • Holiday and overtime rates and wages
  • Earthquake
  • Terrorism

For those looking to extend the Erection All Risk Insurance Policy to cover inland/ overseas project materials, Liberty Videocon General Insurance offers a combination of transit insurance and Erection all risk policy on project materials, to provide a single Marine-cum-Erection policy for all-inclusive coverage. Perilwise provides an online dashboard that allows you to manage your operations smoothly with no hassle on the insurance front. For a quote or queries, contact perilwise here.

Exclusions

The policy has a few ‘named excluded perils’ or specific risk exceptions that will not be covered under the insurance. The policy will not indemnify the insured in cases of loss, damage or liability arising from or aggravated by one of the following risks:

  • Willful acts or negligence of the insured or the carelessness of his responsible representative.
  • Inventory losses discovered only at the time of taking an inventory.
  • Defective design, material, bad workmanship or faulty casting leading to a loss or damage in erection.
  • Wear and tear or gradual deterioration as a result of atmospheric conditions including rust, scratching of painted or polished surfaces or breakage of glass etc.
  • Work cessation, whether total or partial.
  • War and war-like events including invasion, hostilities, act of foreign enemy war like operations, civil war, revolution, rebellion, insurrection, civil commotion, mutiny, military or usurped power, martial law, confiscation, conspiracy, persons acting in connection with any political organization, commandeering a group of malicious persons, requisition or destruction by order of any government de jure or de facto or by any public, local or municipal authorities.
  • Nuclear events or nuclear reaction, nuclear radiation or radioactive contamination.

Liberty Videocon General insurance company shall not be held liable for the expense experienced in case of rectification or correction of any error occurred during erection, unless it results in physical loss or damage to files, accounts, drawings, bills, currency, evidence of debt, stamps, deeds, security cheques, notes or packing materials such as boxes, cases and crates.

Advance Loss of Profit Insurance


Even slight delays in commissioning of projects can cause major losses to a business, stopping it from generating revenues. Material damage policies, in such cases, will not suffice. What is required in such moments is an “Advance Loss of Profit Insurance Policy".

Features & Benefits

While running a business requires a substantial amount of capital, there are some financial commitments that depend solely on the generation of profits. During construction, accidents may occur and your property might get damaged, leading to a delay in operations, and subsequently cause losses. The “Advance Loss of Profit Insurance” can provide you coverage in such situations.

The sum insured is based on the gross profit anticipated for the business and the indemnity period. The premium rate for this policy is derived from the material damage rate, after applying risk factors like coverage, deductibles, past loss experience, location, and nature of the occupancy.

If you are the principal owner or buyer with regards to the property under construction, you can avail this policy. The Advance Loss of Profit Insurance is like an extension of material damage policies like the Contractors All Risk and Erection All Risk policies. To avail the Advance Loss of Profit Insurance, you must have at least one of these two policies in effect at the time the damage that led to loss of profit.

This policy will cover the following:

  • Loss of net profit due to stoppage of business as a result of insured perils
  • Standing charges which continue to accrue in spite of stoppage of business
  • Additional expenditure you incur to maintain normal business activity during the period in which the business is affected

The policy is mainly intended to cover the principal owner. But, financiers may also be included in the coverage. This policy does not cover consequential losses that are caused by the perils excluded in the material damage policy, i.e. Contractor All Risk or Erection All Risk.

Machinery Breakdown Insurance


Manufacturing is like the nerve center of the industrial sector. A lot of modern businesses depend on their ever-growing manufacturing power, and the machines used represent a major investment for businesses. Unexpected damages can affect your production capability, and in extreme situations, even stop it completely. This is when a Machinery Breakdown Insurance can help you out.

Features & Benefits

Physical damage to machinery from accidents or unforeseen circumstances can slow down or even halt production, and can majorly affect your business. This policy provides coverage for the heavy additional costs that have to be paid for repairing or replacing affected machinery.

The sum insured under this policy is the replacement value of the equipment, duties paid, freight charges, and erection costs. The value of foundation blocks or brickwork, lubrication oils, etc. is decided separately. The premium is calculated on the basis of the type of equipment insured and their capacity. Different machinery attracts a different premium.

You can avail this policy if you are:

  • The owner(s) of the machinery
  • Lessor / Lessee of the machinery
  • Different parties with financial interests in the machinery
Add-on Benefits

This insurance policy compensates you for the costs of repair or replacement arising from covered, unforeseen circumstances. This coverage is effective even if the equipment is not in use, has been dismantled for maintenance or overhauling, or is being moved on your premises. With an additional premium, the policy can be extended to cover the following:

  • Escalation
  • Property surrounding insured equipment
  • Third party liability
  • Express freight, overtime, holiday wages etc.
  • Air freight
  • Additional customs duty
Exclusions

Machinery Breakdown insurance is for the electrical and mechanical equipment in industry. Electronic equipment like computers, medical, and biomedical equipment are not protected. This policy has a list of ‘named excluded perils’ which are specific risks that will not be covered. These risks include:

  • Fire
  • War and nuclear disasters
  • Damage due to overload
  • Wear and tear
  • Wilful act of damage
  • Gross negligence
  • Pre-existing defects known to you

The policy is also subject to deductible excess, as will be specified in the policy wordings.For assistance or queries, contact perilwise here.

Boiler Pressure Plant Insurance


Almost all industrial manufacturing units use boilers and pressure plants as an essential part of their daily production and operations. Liberty Videocon General Insurance Boiler Pressure Plant Insurance is a special coverage against loss or damage to these boilers and pressure plants, which might cause the business to suffer. The policy is designed to cover any losses or damages incurred due explosion or collapse to various types of boilers and pressure plants in a factory.

Features & Benefits

The boilers and pressure plants in a factory are supposed to operate at high temperatures and under intense pressures. Such extreme conditions make them susceptible to mishaps, and if it were to happen, it can leave a major impact on the functions of a business. Therefore, securing such equipment is extremely vital as a little bad luck can result in a hazard, putting the people and property nearby in harm’s way. In such cases, a Boiler & Pressure Plant Insurance policy keeps you covered and prepared for such crises.

If the boilers and pressure plants in a factory were to explode or collapse due to unidentified or unforeseeable reasons, having this policy in place keeps you well safeguarded. The Boiler Insurance Policy will ensure that you get the boiler and pressure plant repaired or the equipment replaced. Plus, a policy extension can also help you pay for any damages or injury caused to a third party.

The sum insured under this policy shall be equal to the total present day replacement value of your equipment, plus a sum for personal injury as well as the damage caused to your property. Under the policy extension, it will also cover third party property surrounding the boiler or pressure plant in case of a mishap. The premium you pay as the policy holder depends purely on the nature of the insured property i.e. the type and age of boiler being used. For a quote, or more queries, contact perilwise here.

Add-ons

The Liberty Videocon Boiler & Pressure Plant Insurance policy will cover you when your boilers and pressure plants explode or collapse. This policy will pay for damage to the equipment itself. However, if you opt for extra coverage and pay an additional premium, it can also pay for:

  • Your surrounding property
  • Third party liability
  • Express freight, overtime, holiday wages etc.
  • Air freight
  • Additional customs duty
Exclusion

The following are 'named excluded perils' under the Boiler & Pressure Plant Insurance policy, which are specific risks not covered by the policy.

  • Fire and allied perils.
  • War and nuclear events
  • Overload experiments
  • Wear and tear
  • Wilful act of damage
  • Gross negligence
  • Pre-existing defects

Machinery Loss of Profit Insurance


The machinery in any industrial sector business is much like the organ within the human body, the functioning of which keeps the body going. It is the product and other outputs from these machineries that generate income in your business. Any damage or loss caused to these machines will mar your product delivery and cease your cash flow thus greatly affecting your business.The Liberty Videocon Machinery Loss of Profit Insurance policy is designed to help you overcome all such risks.

Benefits

For businesses that depend greatly on tools and machineries, a damage or loss to the same could put the processes to a stop. The repairing and restoring phase shall cause further financial losses and time lags. This insurance policy will not only compensate for loss of profits, but also the expenses or costs arising due to the cessation of the regular business processes.

Coming as an indemnity policy, it includes an insured sum the basis of which is the expected gross profit of your business and the period of indemnity. The premium amount that is to be paid depends on factors such as:

  1. Age of the machinery
  2. Criticality of the machinery along with the relative importance of the machinery
  3. The time needed for the replacement of the equipment
  4. The availability of spare machinery

If you have a material damage policy (either Machinery Breakdown or Boiler & Pressure Plant Insurance policy) in place buying this policy can be of use to you. Machinery Loss of Profit Insurance is an expansion of Machinery Breakdown / Boiler and Pressure Plant Insurance policy. It follows the fortune of the material damage policy as per the material damage provisions. It is essential for a Machinery Loss of Profit Policy to possess a material damage policy in influence during the occurrence of the damage protecting the interest of the insured in the property at the premises against such damage. This cover cannot be taken standalone. For any queries contact perilwise here.

The Machinery Loss of Profit policy will pay for the following:

  • Loss of net profit due to the cessation of business as a consequence of insured perils
  • Standing charges which accumulate despite the cessation of business
  • Additional expenses sustained to maintain the regular business processes during the period when the business is affected
Exclusions

Any resulting loss arising out of causes excluded by the Machinery Breakdown or Boiler & Pressure Plant Insurance Policy is not covered by the Machinery Loss of Profit insurance policy. Under the Machinery Loss of Profit insurance policy, the company cannot be accounted for any loss arising due to direct or indirect interference attributable to causes like

  • Deliberate act or neglect or gross negligence of the Insured or his responsible representatives
  • Damage or loss to the machinery or other items not mentioned in the list of machinery insured though the consequence of material damage to an indicated item in the list of insured machinery is included
  • Damage or loss resulting from defects existing at the time of start of this insurance in the knowledge of the Insured or his responsible representatives whether such defects were known to the Company or not
  • Destruction, Shortage, decline and spoilage of or damage to raw materials, finished or semi-finished products or catalyst or operating media (such as fuel, refrigerant, lubricating oil, heating media etc.) although the result of material damage to an item indicated in the list of insured machinery is included.
  • Any restrictions on reconstruction or operation imposed by any public authority.
  • An extension of the normal repair period for more than 4 weeks on account of –
    • The inability to secure or delays in securing replacement parts, machines or technical services.
    • The inability to carry or delays in carrying out repairs.
    • The prohibition to operate the machinery due to import and/or export customs & other restrictions or by statutory regulations.
    • Transport of parts to and from the Insured’s premises.
  • Changes, enhancements or overhauls being made while repairs or replacements of damaged or destroyed property are being carried out.
  • Loss damage and/or liability caused by or arising from or in consequence directly or indirectly of -
    • Nuclear reaction, nuclear radiation or radioactive contamination
    • Invasion, War, Act of foreign enemy, hostilities or War like operations (whether war be declared or not), Rebellion, Civil War, Revolution, Mutiny, Strike, Insurrection, Lockout, Riot and Malicious Damage, Military or usurped power Civil Commotion, martial law, confiscation, conspiracy, commandeering a group of malicious person or persons acting on behalf of or in connection with any political organization, requisition or destruction or damage by order of any government de jure or de facto or by any public. Municipal or Local Authority, an act of terrorism or the action of any lawfully constituted authority in suppressing or attempting to suppress or minimize the consequences thereof.

The above list is not exhaustive. Please read the policy wordings. for a detailed list of inclusions and other details, or contact perilwise here.

Contractor Plant and Machinery Insurance


The construction business, responsible for constructing buildings, roads, factories and bridges, is what drives an economy forward. Those in this business make use of heavy machinery and equipment to undertake a multitude of construction jobs. If anything was to happen to this equipment and machinery, the work would suffer, causing inconvenience all around. The Contractor’s Plant and Machinery Insurance provides cover for such associated exigencies.

Benefits

The Contractor’s Plant and Machinery Policy covers all your primarily movable plant equipment and machinery against damage or loss in case of an accident. Machines such as bulldozers, cranes, and excavators etc. come under the policy and are offered repair or replacement in case of damage, so one can resume work as soon as possible.

The sum insured under the policy shall be equal to the replacement cost of each item damaged, considering the replacement is done by a new item of the same kind, size and capacity. It should also include the freight costs, cost of erection, customs duty and any other charges involved. The premium to be paid for the policy may differ in each case, depending on several factors such as the type of equipment, location(s), risk involved and the use of equipment. for a quote, or any queries, contact perilwise here.

Anyone who owns movable construction machinery or is a contractor, bank or financial institution with interest in such machinery, can make use of this policy.

Liberty Videocon's Contractor Plant and Machinery Insurance policy will protect you against any unexpected physical loss or sudden damage caused to your machinery. The coverage will be in effect even when the machinery would be working or at rest or even when being dismantled for overhauling or cleaning and during subsequent re-erection.

Add-ons

If you pay an additional premium, the policy can be extended to cover damages caused due to or in situations listed below:

  • Express freight, overtime and holiday rates of wages
  • Air freight
  • Your surrounding property
  • Clearance and removal of debris
  • Additional customs duty
  • Escalation
  • Third party liability
  • Earthquake
  • Act of terrorism
Exclusions

The following are 'named excluded perils' under the Contractor Plant and Machinery Insurance policy, which are the specific risks not covered by the policy.

  • Contractual liability or manufacturer’s guarantee
  • War, warlike operations and nuclear perils
  • Damage to exchangeable tools or parts
  • Any fault or defect existing at the time the policy commences
  • Loss or damage due to explosion of any boiler or pressure vessel, subject to internal steam or fluid pressure, or of any internal combustion engine
  • Loss or damage due to abandonment of any plant and/or machinery working in underground mines or tunnels
  • Loss or damage discovered only at the time of taking an inventory
  • Public liability while the plant and machinery are on public roads
  • Loss or damage while in transit from one location to another
  • Loss or damage due to total or partial immersion in tidal waters
  • Gross negligence
  • Damage due to wear and tear, corrosion, rust, etc.
  • Terrorism, unless specifically covered

Contractor's All Risk Insurance


Civil engineering projects like buildings, bridges, dams, roads, etc. require huge capital investments and involve high risk of loss or damage. There may be accidents, natural disasters or unexpected happenings which can cause physical damage to the project, subsequently putting the responsibility for loss or damage on the contractor. This is where our Contractor’s All Risks Insurance comes to your aid.

Benefits

The Contractor's All Risks Policy will cover any damage or loss to a civil engineering project thereby nullifying the risk of heavy losses. Cover is not a ‘named peril’ policy but an ‘all risks cover’, which means that it provides cover in the event of any loss or damage to the insured property unless caused by exclusions in the policy. This all risk policy that protects the interests of all the parties participating in the project, such as the principal, contractors, sub-contractors and financiers. Additionally, it will also protect the construction materials during storage and construction.

The sum insured should be the total project contract value together with the estimated cost of labour and construction materials. The premium amount paid by the insured will depend on the type, value and duration of the project. You are entitled to use this insurance policy if you are involved in a civil engineering project as a contractor, subcontractor, financier, or the purchaser or owner.

Contractors All Risk Insurance covers all risks normally associated with a construction project. The policy will provide cover against sudden and unexpected physical loss or damage to the insured property. This policy covers accidents and natural perils both while building materials are in storage and actively being used in construction, unless specifically excluded. The policy cover begins with the start of the project, from the time the first material consignment is unloaded at the project site and ends when the project is finished or handed over to the purchaser or owner. For quotes or queries contact perilwise here.

Add-ons

The policy cover can be extended to cover the following risks, upon paying an additional premium

  • Escalation
  • Maintenance
  • Clearance and removal of debris
  • Damage to the owner’s surrounding property
  • Third party liability
  • Additional customs duty
  • Express freight
  • Holiday and overtime rates and wages
  • Earthquake
  • Terrorism

This is not an exhaustive list. For a detailed list of inclusions & other details, please refer to the policy wordings.

Exclusions

This policy has ‘named excluded perils’ or specific risks which will not be covered under the policy.

The policy exclusions/risks are:

  • War and nuclear events
  • Wilful acts
  • Work cessation
  • Inventory losses
  • Wear and tear

This is not an exhaustive list. For a detailed list of exclusions & other details, please refer to the policy wordings.

Electronic Equipment Insurance Policy


In this modern age where businesses rely on technology, protecting computer and electronic equipment has become essential. From broadcasting to viewing online media, from innovative breakthroughs to executing every day work tasks, the reliance on technology and electronic equipment is huge.

If these were to get damaged or malfunction, the consequences would have a huge impact on the business. Liberty Videocon's Electronic Equipment Insurance (EEI) ensures that the electronic equipment at your workplace is completely secured.

Benefits

Liberty Videocon's Electronic Equipment Insurance policy and Portable electrical equipment insurance policy is specifically designed to provide complete cover to electronic equipment in case of breakdown or damage. Being an ‘All Risk Insurance’, this provides complete cover except for the perils specifically excluded from the policy. The policy covers the high costs of repair or restoration of the damaged equipment, or its replacement thereof to ensure business continuity at a marginal cost.

The sum insured is equivalent to the replacement value of the electronic equipment inclusive of the total of duties paid, freight charges and erection costs. The premium amount to be paid depends on the type of equipment insured.

Please refer to the policy wordings for more information on Electronic Equipment Insurance policy, or contact perilwise here for quotes and queries.

Liberty Videocon Electronic Equipment Insurance policy is for:

  • The owner(s) of the equipment
  • Lessor /Lessee i.e. leasing the equipment
  • A group of different parties with financial interest in the equipment such as bankers or financiers

To understand eligibility better, please read the policy wordings, or contact perilwise here..

Electronic Equipment Insurance will protect the following list of electronic equipment:

  • Electronic data processing machine
  • Telecommunication equipment
  • Transmitting and receiving installations (including radio, TV, cinema sound reproduction and studio equipment)
  • Material testing and research equipment
  • Electro-Medical Installations
  • Signal and transmitting units
  • Office calculators, duplicating machines and reproduction machines
  • Control and supervisory units
Add-ons

The policy cover can be extended on payment of additional premium to cover the following risks:

  • Escalation
  • Your property surrounding the insured equipment
  • Third party liability
  • Express freight, overtime, holiday wages etc.
  • Air freight
  • Additional customs duty
  • Terrorism

This is not an exhaustive list. For a detailed list of inclusions & other details, please refer to the policy wordings.

Exclusions

This policy has ‘named excluded perils’ or specific risks which will not be covered under the policy.

The policy exclusions/risks are:

  • War and nuclear disasters
  • Damage due to overload
  • Wear and tear
  • Wilful act of damage
  • Gross negligence
  • Pre-existing defects known to you

This is not an exhaustive list. For a detailed list of inclusions & other details, please refer to the policy wordings.