Organisation : National Insurance Company Ltd
Facility : Industrial Insurance
Industrial Insurance :
https://nationalinsuranceindia.nic.co.in/portal/page/portal/Corporate/Home/IndustrialInsuranceProduct
Home Page : https://nationalinsuranceindia.nic.co.in/portal/page/portal/Corporate/Home
Industrial Insurance :
** Machinery Insurance
** Contractor All Risk
** Electronic Equipment Insurance
Related : National Insurance India Health Insurance : www.statusin.in/1362.html
Machinery Insurance :
Machinery Insurance provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence.
Salient Features :
Almost all stationery capital equipments can be covered under M.I. Policy. The broad categories are two namely. Electrical Machinery and non-electrical Machinery.
Covered :
Machinery Insurance is against unforeseen and sudden physical damage to the insured machinery from causes such as
** Faulty material, design, construction, erection
** Vibration, maladjustments, malalignment
** Defective lubrication, loosening of parts, molecular fatigue, self heating, explosion due to internal pressure, implosion due to external pressure or internal vacuum, abnormal stress, centrifugal force.
** Excessive electric pressure, failure of insulation, short circuit, open circuit, or arching including damage by internal fire so set up.
** Failure of connected machinery or protective devices.
** Lack of skill, carelessness or malice of persons, whether insured employee or not.
** Falling, impact, collision and the like.
Electronic Equipment Insurance :
Salient Features :
Electronic Equipment Insurance caters to the peculiar needs of the electronic equipments which are not only extremely sensitive to the slightest changes in ambience conditions but also are characterized by having a large value concentration in a relatively compact set ups
Covered :
a)COMPUTERS :
This policy comprises of 3 sections.
SECTION I : Deals with the hardware e.g. Computer main body.
Extra covers are available for overtime, night works, and work on public holidays by charging additional premium.Issued along with Maintenance Agreement clause. Terrorism risk is alsocovered
SECTION II : Covers external data media or E.D.P.The sum insured shall be the cost of the data media plus charges for producing the information.
SECTION III :Covers increased cost of working : (loss of profit policy)
SUM INSURED : Present day Replacement Value of computer plus that of central processing unit, printer, stabiliser, and U.P.S.if any.
RATE : Section I and Section II @ 1.00%
If Annual Maintenance Agreement is not executedthe premium will be loaded by 100%. If annual maintenance agreement is not executed but the insured has got sufficient in-house facilities for proper maintenance of the equipments, the premium will be loaded by 50% only.
For Training purposes :
Rate 1.25% for computers with twice the excess if with Maintenance Agreement.
Rate 2.50% for computers with twice the excess if without Maintenance Agreement.
EXCESS :
For value upto Rs. 1 lac. :
** 5% of the claim amount subject to a minimum of Rs.1000/- for normalclaims and
** 10% of the claim amount subject to a minimum of Rs.2500/- for Winchestor drive Head Crash Claim.
For value above Rs. 1 lac. :
** 5% of the claim amount subject to a min. ofRs.2500/- and
** 25% of the claim amount subject to a min. of Rs.10,000/- for Winchestor drive head Crash Claims.
SECTION IV : (Increased cost of working )
TIME | EXCESS| INDEMNITY PERIOD :
12 weeks 26 weeks 40 weeks 52 weeks
4 days 0.70% 0.80% 0.90% 1.00%
7 days 0.65% 0.75% 0.85% 0.95%
14 days 0.50% 0.60% 0.65% 0.70%
28 days 0.30% 0.40% 0.45% 0.50%
1 day = 24 hrs.1 week = 7 days.
Sum Insured : Present day Replacement value of machine and accessories.
Rate :1.00%
If annual maintenance agreement is not executed, the premium will be loaded by 100%.
Excess : For value upto Rs. 1 lac 5 % of claim amount subject to a maximum of Rs.100/-
For value over Rs. 1 lac, 5% of claim amount subject to a minimum of Rs.2500.
Discounts for Fire Insurance :
a)For equipments covered under EEI policy as also under Fire policy c with all extensions.- A discount of 10% of the applicable EEIrate
b)Without any extensions or with some Extensions only under Fire Policy – 5%
X-ray tubes fitted toC.T. Scanners : – X-ray endorsementmust be attached to the EEI policy.
The rates and other terms of the policyare the same as those of computers. Section II and III are not applicable to these equipments.