Page 16 - Engineering Insurance IC 77 Ebook

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2) OWNERS SURROUNDING PROPERTY : rate and Shock) are taken care of in the rates
0.25% p.a. should be charged. prescribed in Table or Part I - Rate Schedule.
However, no reduction in the rates can be allowed
3) CLEARANCE & REMOVAL OF DEBRIS : rate
for excluding any of these perils.
0.25% p.a. should be charged.
Sum Insured and average :
4) ADDITIONAL RATES FOR EARTHQUAKE
PERILS (APS). Sum Insured of each individual item must
represent its current replacement value
Note :
including transportation costs to site, customs
1. Many a times Contractors Plant, Machinery & dues all installation costs.
Equip. require to be shifted from one location
(Project site) to another location (project site).
Contractor’s Plant, Machinery under
The risks during transit from one location to
another location is out-side the scope, should SCE/CAR :
be covered separately, if required in the Marine Where the sum insured on Contractor’s Plant,
Dept. Machinery and Equipment under a project requiring
MCE/SCE or CAR Insurance (as the case may be)
However the risk during shifting of items of
does not exceed 5% of the S.I. for MCE/SCE or
Cont’s Plant, Machy & Eqps, in connection
CAR subject to maximum Rs. 25 lakhs the
with work at a project site from one point of the
provisions of the MCE/SCE or CAR Tariff in regard
project site to another point in the same project
to the Contractor’s Plant, Machinery and
site, is deemed to be covered within the rates
Equipments shall apply.
prescribed in Rate scheduled.
2. Loading of 10% on the basis of CPM rate shall
Terrorism cover available, if opted by the insureds
be charged to cover Floater risk.
as per norms.
3. Single equipments exceeding Rs. 50 Lac’s
should be accepted only after inspection.
SHORT PERIOD SCALE :
4. Critical Machinery like Jumbo Driller, Shovels,
Policies issued or renewed for period shorter than
Excavators, Mobile Crane of capacity above 10
12 months must be charged for on the following
tons should be inspected before acceptance
scale which must also be applied in calculating the
irrespective of sum insured.
premium where policies are cancelled during
5. All act of God Perils other than Earthquake (Fire currency at the request of the Insured.

Not exceeding 1 week 10% of annual rate
“ 1 month 25% of -do-
“ 2 month 35% of -do-
“ 3 month 50% of -do-
“ 4 month 60% of -do-
“ 6 month 75% of -do-
“ 8 month 85% of -do-
Exceeding 8 months Full Annual rate

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