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The general insurance industry insures property of people, under boiler and pressure plant insurance, cold storage insurance domestic pump set insurance, machinery insurance policy, pedal cycle insurance and baggage insurance.

(i) Boiler and Pressure Plant Insurance:

The boiler and pressure plant insurance policy is taken for Boiler or Pressure Vessel against the risks of due explosion due to steam pressure.

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The explosion is causing damage to the boiler or pressure vessel and also the machines surrounding the boilers as well as personnel working in the boiler house.

It will also damage the property of neigh boring industry involving third party liability. Collapse of pressure vessels due to vacuum conditions to create due to lack of steam pressure or condensation of steam is also covered.

Explosion shall mean the sudden and violent rending or tearing apart of the permanent structure of a boiler plant or any part or parts thereof by force or internal steam pressure causing bodily displacement of the said structure and accompanied by the forcible investment of its contents.

Collapse shall mean the sudden and dangerous distortion of any part of a boiler plant by bending or crushing caused by steam pressure whether attended by rupture or not. It shall not mean any slowly developing deformation due to any cause. The premium rate is decided as per Tariff rate.

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(ii) Cold Storage Insurance:

The cold storage insurance covers potatoes and frozen food. It covers deterioration of stocks stores due to rise in temperature in the storage chamber on account of mechanical or electrical breakdown of machinery insured under concurrent machinery breakdown policy.

The cause of machinery breakdown should be sudden and unforeseen damage to machinery insured by the concurrent machinery breakdown policy from any accidental cause, escape of refrigerant in the refrigerated chamber as a result of breakdown of the machines insured under concurrent machinery breakdown policy.

The average price of stocks will be sum insured. The premium rate, terms and conditions are decided as per Tariff rate.

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(iii) Domestic Pumpset Insurance:

The domestic pumpset insurance policy covers domestic pumpset against the risks of loss due to short circuit, single phasing, faulty design, lack of skill, fluctuations in power supply, theft, burglary, fire and lightning.

The premium is based on horse power. For example an upto 3 H.P, premium is Rs. 50 and upto 10 H.P., the premium is Rs. 100 per annum.

(iv) Machinery Insurance:

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The machinery insurance policy covers machinery like compressors, pumps, turbines etc. as also electrical machines such as transformers, electrical motors etc.

The cover may be accident caused by faulty materials, action of centrifugal forces contributing to disruption of the rotating parts, malfunctioning or failure of safety devices, failure of lubrication due to malfunctioning of the lubricating oil pump or its own breakdown, electrical short-circuit including electrical fire originating from failure of insulation and/or over-voltage or under- voltage conditions, about and sudden stoppage of other connected machinery, entry of foreign bodies into a running machine and inexperienced operators causing damage due to error of judgment.

The replacement value is considered for deciding the sum assured. The premium is decided as per Tariff-rate and inspection by the engineer of the insurer. “

(v) Pedal Cycle Insurance:

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The pedal cycle insurance policy covers pedal cycle against the risks of loss or damage of pedal cycle by accident, fire, external explosion, malicious damage, theft and liability to third parties. Death of or bodily injury to any person damage to the property. Maximum limit is Rs. 10,000. The premium rate is 5 per cent of the sum insured.

(vi) Baggage Insurance:

The baggage insurance policy covers baggage of travelling person except costly item like jewellery. It covers risks of loss, destroyed or damage at any time while travelling by accident, fire or theft. The premium rate per thousand is Rs. 4 upto 15 days, Rs. 6 upto 3 weeks, Rs. 8 for 1 month and Rs. 30 upto 12 months. The minimum premium is Rs.30.

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