Boiler and pressure Vessel Policy:
There are various type of boiler or pressure vessel, which may be covered under boiler pressure vessel policy (BPV) against loss or damage caused due to breakdown explosion and collapse. The surrounding property of some predetermined limit may be covered along with boiler and its accessories. The liability at law for damage to property not belonging to the insured fatal or non-fatal injuries to any persons of third party may also be included under this insurance.
This policy is also subject to the following exclusion:
1. Defects due to the wearing away or the wasting of the materials of a boiler or a pressure vessel.
2. The failure of individual tubes in boilers of the water tube unless such defects result in explosion or collapse.
3.Damage to property belonging to the insured or held by him in trust or in commission for which he is responsible.