Pressure vessels are increasingly used in various industries. They pose higher risks than other plant, equipment and machinery used due to the presence of higher pressure.
Boiler Insurance is designed to provide coverage for loss or damage to boilers resulting in explosion and collapse due to over pressure, failure of safety valves, defective material, bad workmanship or fault in design.
The policy covers:
- Damage to the pressure vessel
- Damage to the contents of the pressure vessel
- Damage to the surrounding property of the assured
- Damage to the property belonging to third parties
- Normal wear and tear
- War, terrorism and sabotage
Period of Insurance
The coverage is usually provided for a period of one year.
Basis of Sum Insured
Sum insured for this insurance should be the replacement cost of boiler including freight, duty, cost of erection and other dues.
A deductible for each and every loss under the policy is always applicable.
Premium rates are based on:
- Replacement value of pressure vessel
- Type of pressure vessel
- Age of pressure vessel
- Maintenance history
- Use of pressure vessel
- Limit of indemnity for damage to property belonging to the third parties
- Limit of indemnity for damage to the surrounding property belonging to the assured
- Professional experience of the assured
- Standard of the management
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact Nasco Gulf at +971 4 351 8610.
Basis of Claim Settlement
- The indemnity under the policy is for replacement or repair of the damaged boiler.
- If the sum insured is found to be inadequate, the policy will pay in such proportion as the sum insured bears to the sum actually should have been insured.
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact Nasco Gulf at +971 4 351 8610