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Machinery Breakdown insurance Policy
machinery breakdown insurance
policy provides cover against any unforeseen physical loss or damage to mechanical and electrical machinery as well as equipment that are held in trust of and/or are commissioned at the insured’s premises.
Insured's own
Third party
- The Machinery Breakdown Insurance covers damages to the insured's plant and machinery arising from mechanical and electrical breakdowns as well as accidental external means
- The cover is applicable when the machinery is in operation or at rest or in the process of getting dismantled, overhauled or during subsequent re-erection at the same premises
Loss or damage due to:
- Fire, lightning, inundation, flood, earthquake, subsidence, landslide, chemical explosion, burglary and theft, impact by land-borne/water-borne craft
- Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defects for which the supplier is responsible either by law or under contract
- War or war-like operations, nuclear reaction, radiation or radioactive contamination
- Wilful acts or gross negligence on your or your representative’s part
- Accidental loss or damage and/or liability resulting from overload experiments or tests requiring imposition of abnormal conditions
- Loss of or damage to belts, ropes, chains, rubber tyres, dyes, moulds, blades, cutters, knives or exchangeable tools, engrave or impression cylinders or rolls; objects made of glass, porcelain, ceramics, all operating media etc
- Gradually developing flaws, defects, cracks or partial fractures in any part not necessitating immediate stoppage
Ratings - Type of machinery
- Claims experience
- Age of machinery
- Maintenance of machinery
- Deductible
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Sum insured The Sum Insured shall be equal to the cost of replacing the insured’s machinery by new machinery of the same kind and of the same capacity.
Machines and equipment are an integral part of your factory. Any damage to these can adversely affect your business. The machinery breakdown insurance policy provides cover against any unforeseen physical loss or damage to mechanical and electrical machinery at the insured’s premises. Machinery break down insurance coverage is a must in any risk mitigation plan of an industrialist.
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