On which value is the timeout set on default? How can I change it?

: On which value is the timeout set on default? How can I change it?

Send/receive packet timeout = 10 msec
receive response timeout = 3000 msec

These values cannot be changed. If you need other, use command line ping.
Here is how:

// run ping with redirection
RunAndWait "ping ....[parameters here] > c:\\ping.log", "", 0, proc_id
// search in the log file for 'timeout'
FileSearchEx "c:\\", "ping.log", "timeout", False, count
// if timeout detected, jump to error handler, otherwise jump to ...
If count, GOTO_PROBLEM, GOTO_NOPROBLEM
// ... continue your logic here ...