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LIC Product and Forms
LIC OF INDIA
 
General Insurance >> Engineering Insurance
Introduction
The purpose of these Engineering Underwriting Guidelines is to provide the following:
A definition of Engineering Business.
Our underwriting philosophy and risk acceptance criteria.
The rules by which this business is to be underwritten.
Products

Following is the list of products under Engineering Insurance, which are governed by the tariff prescribed by the Tariff Advisory Committee.

 

Other Extensions Available Under This Policy

Steam Pipes

The portion of the steam pipe up to the safety valve alone is deemed to form integral part with boiler. The remaining portions of the steam pipes can be included under this extension.

Expediting Costs

Expenses towards overtime, night work, work on public holidays, express freight can be included under this extension. The same will be indemnified after a loss provided these expenses are incurred following a loss due to an insured peril under this policy.

Air Freight
Expenses towards air - lifting parts of the boiler following a loss can be included under this extension.
Policy Period
This policy is issued on annual basis.

Claim Procedure

In the event of a loss the insured should comply with the following:
Immediately notify the insurer giving an indication as to the nature and extent of loss.
Take all reasonable loss minimization steps.
Preserve the salvage.
Furnish all information and documentary evidence as required by the insurer.
The insured may proceed with the repair of any minor damage not exceeding Rs.2500/-.
Claim form duly completed and signed should be sent to the insurer.

Generally, claims are for substantial amounts and require great care during investigation and negotiations. It is necessary to investigate the cause of the damage and ascertain whether the claim falls under the policy definition of 'Explosion' or 'Collapse'. The certificate issued by the Government Inspector of Boiler must be checked to ensure that the accident occurred within its validity period and that all its terms and conditions have been complied with. It is preferable to have assessments of Boiler Explosion claims carried out by qualified engineer surveyor who can determine the exact cause of the loss and arrive at a fair assessment as to the quantum of claim payable.

Other Engineering Insurance

 

 
 
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