Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Contractors Plant & Machinery (CPM) Policy - suitable for contractors involved in construction business for covering all kinds of machinery like cranes, excavators, from unforeseen and sudden physical loss or damage. The cover is operative whilst the equipment is at work or at rest or being dismantled for cleaning or overhauling or re-ssembling thereafter. The cover also applies while the same are lying at contractors own premises.
Erection All Risks (EAR) Policy - suitable for the principal or contractors of a project being erected as the project is exposed to various external risks during the construction
Machinery Breakdown Policy (MB) - covers unforeseen and sudden physical damage by mechanical or electrical breakdown by any cause to the insured property: While it is at work or at rest, While being dismantled for cleaning or overhauling, During cleaning or overhauling operations and during reassembly thereafter, When being shifted within the premise
Boiler and Pressure Plant Policy - covers boilers and pressure vessels, against damage, other than by fire, to the boilers and / or other pressure plant and to surrounding property of the insured and legal liability of the insured on account of bodily injury to the person, or damage to the property, of third parties, caused by explosion or collapse due to internal pressures of such boiler and / or pressure plant. The sum insured should be the current replacement value
Machinery Loss of Profits (MLOP) Policy - suitable for industries where interruptions or delays as a result of machinery breakdown or boiler explosion result in huge consequential losses
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