Engineering Insurance

Boiler and pressure plant

 

Boilers and pressure are commonly used in production plants. Even though boilers are regularly inspected, there are certain defects that go undetected which brings explosion of the boiler that cause huge damage. Not only the boiler but also the surrounding property, when damaged can cause huge losses. Hence the producer has to go for boiler and pressure plant insurance.

Scope of cover

The damages to be covered must be caused by and solely by explosion or collapse of any boiler or other pressure plant other than by fire whilst in the course of ordinary workingincludes:

  • Damage to boilers and/or other pressure plant or surrounding property;
  • Liability of death or bodily injury to any person provided s/he is not employed or under apprenticeship with insured.
  • Liability arising from damage to any property whether insured is responsible for it or not.

Exclusions

Some of the basic exclusions include:

  1. Defects that are gradually developing and would require repairs at some future date are not covered under this policy.
  2. Defects like wearing away or wastage of materials of any part of the boiler or failure of individual tube, this is because such damages are not the result of explosion.
  3. Damages due to negligence and flaws known but not disclosed by the insured;

An overview

Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...

Investments

Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...

Contact us

Protection House, Mickey Leland Street

Tel: +251-11-6626679/80/76