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  • MACHINERY BREAKDOWN INSURANCE Excess

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    m_dattaias
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    This document outlines the excess amounts applicable against claims for various types of machinery. It provides details of: 1) Normal excess amounts ranging from 2% to 10% of the sum insured depending on the type of equipment. Higher minimum excess amounts apply to items like furnace transformers and photocopiers. 2) Scaling of minimum excess amounts based on the sum insured value, ranging from 1% of sum insured to 0.5% for higher value equipment. 3) Optional discounts to the rates if a policyholder chooses a higher excess amount than the minimum, with discounts ranging from 10% to 42.5% for excess amounts that are 2 to 20 times the minimum.

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    This document outlines the excess amounts applicable against claims for various types of machinery. It provides details of: 1) Normal excess amounts ranging from 2% to 10% of the sum insured depending on the type of equipment. Higher minimum excess amounts apply to items like furnace transformers and photocopiers. 2) Scaling of minimum excess amounts based on the sum insured value, ranging from 1% of sum insured to 0.5% for higher value equipment. 3) Optional discounts to the rates if a policyholder chooses a higher excess amount than the minimum, with discounts ranging from 10% to 42.5% for excess amounts that are 2 to 20 times the minimum.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    67 views1 page

    MACHINERY BREAKDOWN INSURANCE Excess

    Uploaded by

    m_dattaias
    This document outlines the excess amounts applicable against claims for various types of machinery. It provides details of: 1) Normal excess amounts ranging from 2% to 10% of the sum insured depending on the type of equipment. Higher minimum excess amounts apply to items like furnace transformers and photocopiers. 2) Scaling of minimum excess amounts based on the sum insured value, ranging from 1% of sum insured to 0.5% for higher value equipment. 3) Optional discounts to the rates if a policyholder chooses a higher excess amount than the minimum, with discounts ranging from 10% to 42.5% for excess amounts that are 2 to 20 times the minimum.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 1

    EXCESS (APPLICABLE TO ALL MACHINERY)

    1. NORMAL EXCESS - Unless and otherwise specifically mentioned the following Excess will
    apply -
    Equipment Excess against each claim
    a) Excess applicable for Glass Lined Vessels, Glass & Graphite equipments -
    Excess shall be 10 % of Sum Insured
    for each claim.
    b) For other items -
    i) Furnace Transformers Excess shall be 2% of Sum Insured
    subject to minimum of Rs. 250/-.

    ii) Photo Copiers Excess shall be 5% of Sum Insured


    subject to minimum of Rs. 1000/-.

    c) For items other than (a) and (b) above -


    i) Sum Insured (SI) upto Rs. 2.5 crores 1.0% of Sum Insured subject to a
    minimum of Rs. 250/-
    ii) Sum Insured more than Rs. 2.5 Crores 0.8% of Sum Insured subject to a
    and upto Rs. 5.0 Crores. minimum of Rs. 2,50,000/-
    iii) Sum Insured more than Rs. 5.0 Crores 0.6% of Sum Insured subject to a
    and upto Rs. 10.0 Crores. minimum of Rs.4, 00,000/-
    iv) Sum Insured more than 10.0 Crores 0.5% of Sum Insured subject to a
    minimum of Rs.6, 00,000/-

    2. Discount for Opting Higher Excess –

    (a) All rates prescribed in Rate Schedule (section - 4) are subject to minimum excess
    per claim as prescribed above.
    (b) Discount for selection of Higher Excess Amount can be allowed in the rates
    prescribed in Rate Schedule, as per the following scale:-

    Excess Opted Discount

    2 times the minimum Excess 10 %

    5 times the minimum Excess 20 %

    10 times the minimum Excess 30 %

    20 times the minimum Excess 42 ½ %

    Note - 2 times minimum excess means that the excess will be 2 % of Sum Insured
    subject to minimum of Rs. 500 for equipment upto Sum Insured Rs. 2.5
    Crores and so on.

    44
    Tariff Advisory Committee, Mumbai
    1-1-01

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