Machinery Breakdown Insurance
This policy offers financial protection in the event of machinery malfunction – accidental, electrical and mechanical breakdown requiring repairs, and/or replacement. Machinery Breakdown Insurance covers all types of Industrial equipment like Turbines, Compressors, Generators, Transformers, Rectifiers, Electric motors, Diesel engines, Pumps, Windmills, Agricultural Machinery and etc.
What it Covers
Machinery against unforeseen, sudden accidental, physical loss or damage caused due to:
- Carelessness
- Short-circuit, disruption, electrical overpressure
- Failure of operation of safety devices
- Structural defects, material defects or defects of assembly
- Fortuitous working accidents such as vibration, maladjustment
- Loosening of parts, abnormal stresses, fatigue, centrifugal force, excessive speed
- Defective or accidental lack of lubrication, seizure, water hammer or local overheating
- Falling, impact, collision or similar occurrences
- Obstruction or the entry of foreign bodies
Whilst
- Working or at rest
- Being dismantled moved or re-erected for the purpose of cleaning, inspection, repair or installation in another position within the location
Basis of sum insured
The sum insured has to represent the new replacement value of the machine including customs duty, freight and cost of erection & testing
Note
- Particulars of cover and exclusions given above are not complete or exhaustive. For more details please call us on 0112 428 428 or visit one of our nearest branches.