This insurance covers loss of or damage to the Insured Boiler and/or Pressure Vessel caused by explosion or collapse. Liability of the Insured for damage to third party property or injury to persons as a result of such explosion or collapse may also be covered.
The sum insured should always be the new replacement cost of the Insured machinery including freight, custom duties and installation charges.
Some of the major exclusions of this insurance are Fire, and convulsions of nature as well as the effects of wear and tear.
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