1. weekly payments in lieu of wages
2. compensation for economic loss (past and future)
3. reimbursement of medical and other similar expenses
4. benefits payable to the dependents of worker(s) killed during employment
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Industrial Insurance
Industrial insurance is mainly concerned with various forms of insurance related to industry. Such as:
Compensation for employee covering the lost wage and all the medical cost
incurred due to any injury suffered in due course of employment. While schemes for such compensation can differ, provision for compensation can include:
Boiler insurance (a type of property insurance) for accidental losses to any type of industrial machinery and equipment. It can include: specific objects like a specific boiler identified by year and/or serial number, blanket objects like a blanket all electric motors, or all comprehensive objects
Electronic equipment insurance covering material damage to electronic equipment (including software) caused by sudden and unforeseen events and cost of external data media (including cost of reconstruction of data)
Machinery breakdown insurance covering loss caused by all kinds of accidental, electrical, and mechanical breakdowns due to internal and external causes
Insurance covering plant and machinery under erection and re-installation
Machinery loss of profits insurance cover perils like electrical/mechanical breakdown, voltage surge, impact damage etc.
