Page 11 - Engineering Insurance IC 77 Ebook

Sashi Publications
The claim is payable only if it becomes payable in Indemnity Period
section-I Indemnity period represents the maximum period
during which the insurer pay indemnification for
Excess : (For Section-II)
increased cost of working.
With value upto Rs. 1 lac
The indemnity period should be selected in such a
5% of claim amount sub. to way that in the event of worst calamity the maximum
minimum of Rs. 1000/- time taken to repair the equipment should not
exceed the indemnity period.
With value above 1 lac
5% of the claim amount sub. to minimum of Rs. Time Exclusion :
2500/-
Insurer are not liable for the amount of loss arising
For equipment other than winchester Drive
during the time excess, such time excess to
5% of the claim amount sub. to minimum of Rs. commence from the beginning of the interruption or
2500/- interference with the business resulting in a claim
under the policy. Minimum time excess will be 4
Winchester Drive
days.
25% of claim amount subject to minimum of Rs.
10,000/- Note :

1. Room A.C. at the rate of 2.50% can be covered
SECTION III - INCREASED COST OF
in MB policy if EL. Machine covered in above
WORKING :
policy.
If there is accidental damage to the insured 2. Disc Antenna & Xerox Machine (Photo copier)
computer and insured will use substitute computer to be covered in M.B. section only.
system then increased cost of hiring computer
3. EDP System of Rs. 50 lacs and above should
system is insurable.
be inspected before acceptance.
Additional expenditure incurred as a result of failure
of the EDP system necessiating the use of a 4. Validity of existence of Maintenance contract
substitute external system can also be covered, should be verified.
alongwith basic insurance. This insurance is a 5. All Electro Medical equipments should be
supplement to the material damage cover on EDP
accepted after inspection irrespective of sum
installation.
insured.
Sum Insured : 6. Coverage against restoration of data under
Sum insured shall be amount which the insured section II only to be granted if back up system
would have to pay as additional expenditure for 12 is available.
months use of substitute EDP equipment of similar 7. Short period rate as per Motor Policy.
performance to the EDP Equipment insured. The
sum insured of similar performance of the amount
agreed per day and per month. CONTRACTORS’ ALL RISK
(CAR)
The insurer can reimburse for personal expenses
and costs for transportation of materials following 1. INTRODUCTION
upon any event giving rise to claim provided separate
sum have been fixed for the same. Contractors’ All Risk Policy is specially

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