The Doble M4000 system is designed to test both the capacitance and insulation quality of the capacitors. Ditto for surge arrestors. The system is driven by SW that guides the user through the connections and analysis of results. You can rent a Doble, or hire a qualified contractor to perform the testing. Most testing contractors have a Doble. The tests are performed off line.
The test set injects a voltage, measures the current and compares to an internal reference capacitor. The results yield V, Watts, mA,Cap & %PF. There is an accessory that has a clamp on (amps) for testing multiple capacitors within a large bank.
Testing of surge arrestors is performed with the same test set. HV is applied to the HV end of SA. Losses are measured to ground. There is a large database of similar units to compare to.