8/12/2019 Loss of Profit Insurance

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Submitted by-

Lovkush Gupta

 Nitesh Baraliya

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Alterations improvements or overhauls being made

while repairs or replacements of damaged or

destroyed property are being carried out.

  Loss, damage and/or liability caused by or arising

from or in consequence directly or indirectly.

Loss or damage caused by any faults or defects.

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CONDITIONS

This Policy and the Schedule(s) shall be read

together.

This Policy shall be avoidable in the event of

misrepresentation, misdescription or

nondisclosure in material particular.

The Insured shall be obliged to keep complete

records.

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GENERAL RULES &

REGULATIONS

Policies are normally issued on turnover basis.

Insurers can extend MLOP Cover on DG Sets subject

to adequate re-insurance support .

With regard to the issuance of MB (LOP) policies.

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Rules for cancellation

Increase in sum insured

Minimum time exclusion under lop policies

 Rating

Rounding off rates

MLOP insurance cover for dg sets

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SCR(Storage cum

erection)

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GENERAL REGULATIONS FOR SCR

Jurisdiction

Scope

Marine/transit risks connected with erection all risks

insurance

Sub-contracts forming part of a project

Sum insured

Storage risks at the fabricator’s premises/workshop

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Erection all risk’ rates.

Additional rate for dismantling cover.

Additional rates for earthquake (fire & shock) perils.

Excess for claims arising out of major perils/acts of god

 perils.

Rules for fire protection for construction/erection sites.

Higher excess discount.

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Clearance and removal of debris.

Third party liability cover.

Terrorism cover.

Civil works.

Cost of erection.

Surrounding property of the insured.

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Escalation provision.

Mid-term increase in sum insured.

Additional rate for express freight (air freight

excluded) holiday and overtime rates of wages.

Additional rate for air freight only.

Additional customs duty.

Construction machinery plants and equipments.

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Rates for extension beyond policy period.

Maintenance visits cover and extended maintenance

cover.

Test run definition in respect of thermal power

 plants.

Testing period for plants other than thermal power

 plants.

Suspension of testing period.

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Combined cycle power plants.

Cover for catalyst under sce/ear policy issued to

fertilizer & chemical plants.

Refund of premium for early completion of the

 project.

Refund of premium for cancellation of ear/sce policy.

Gross rates.

Issue of fire policy during the testing period.

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