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Agricultural Pump sets Insurance
Agricultural Pump sets Insurance is suitable for insuring pump sets used for agricultural purposes. Some insurance is issued to cover pump sets used for domestic purposes.
Salient Features of Agricultural Pump sets Insurance
1. The policy covers centrifugal pump sets which are either electrical or diesel driven and submersible pump sets upto 25 HP capacity.
2. The policy covers loss or damage to the pump sets, at the premises it is installed, caused by
- Fire & lightning
- Theft & Burglary(when the pump set is in locked enclosure).
- Mechanical Breakdown and or electrical breakdown.
- Riot, Strike, Malicious and terrorism damage.
3. Additional covers: The Agricultural pump set insurers enjoy additional benefit of risk due to Flood which can be covered at an additional premium provided the pump set is installed in enclosure in flood prone areas.
Benefits of Agricultural Pump sets Insurance
1. Losses are paid on receipt of repairer ‘s bill.
2. The maximum amount payable for rewinding of motors is net of salvage value & excess and is enclosed to the policy.
3. All claims are subject to a depreciation of 10% per year.
4. Maximum depreciation of 75% of the erected value of the pump set shall be applied for pump sets above 8 years age.