The policy provides cover for Centrifugal Pump Sets (Electrical and Diesel/Oil) and submersible pump sets used for agricultural purposes only. It includes Pump, Driving Unit and Starter.
Agricultural Pumpsets Insurance Scheme provides cover for loss due to
- Mechanical/Electrical Breakdown
- Fire and Lightning
- Theft and Burglary (only if pump set is lodged in a permanent enclosure and there is forcible and violent entry but not applicable to submersible pump set).
- Riot, Strikes, Malicious Damage and Terrorism
- Flood (on payment of extra premium @2% of Sum insured, 1% of Sum Insured in Submersible Pumpset).
Exclusions: loss due to
- Normal wear & tear, gradual deterioration due to atmospheric conditions or otherwise.
- Willful act of gross negligence by Insured or his representative.
- Faults existing at the time of commencement of risk and known to the Insured or his representative.
- Loss or damage for which manufacturer or supplier of pump set is responsible either by Law or Under Contract.
- Lots of dismantling, transport to workshop and back and also cost of re-erection.
Period of Insurance
Policy can be issued from 1 year to 9 years and Long Term Discount is allowed for 2 years – 15%, from 3 years to 5 years – 25% and from 6 years to 9 years – 30%.
100% of Market Value at the time of issuance of cover or present replacement value for Submersible Pump sets.