Page 381 - Misc Ebook IC 78

Miscellaneous Insurance

where the pump is kept. (v)Flood risk can be granted
selectively, and with extra premium.

Some important exclusions are: (i)Cost of
dismantling, to and from transport to workshop and cost
of erection. (ii) Faults existing at the time of
commencement of policy and known to the insured (iii)
Damage for which the manufacturer or supplier is
responsible.

The sum insured should represent 100% of new
replacement value. The rates of premium vary according
to the type of pump set, whether electrical or diesel/oil,
and the capacity in Horsepower. There is a excess
applicable to machinery breakdown claims only and the
amount of excess depends on the type of set and its
capacity. There are discounts for group policies, long
term policies and for 'no claim' periods.

(b) Failed Well Insurance
This insurance applies to Dug Wells, Bore wells or Dug
cum bore wells used for developing groundwater financed

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