Machinery Breakdown Insurance Policy

  • Machinery Breakdown Insurance policy

Industrial machinery and equipment are the backbone of any business.  There  is  no  substitute  for perfection  in  maintenance  to  ensure  zero  breakdown  in  machine. Still breakdowns do occur involving expensive machinery and equipment and grabbing substantial financial investment for reasons varied. Machinery Breakdown Insurance Policy is a tool which is designed to financially safeguard the insured in such events. Sudden mechanical breakdown can temporarily freeze business operations. Added to this, there is the extra cost of repair/ replacement. Machinery Breakdown Policy OR Equipment Breakdown Insurance policy reimburses the insured for the cost of repairs or replacement of machinery of like nature.

Scope of cover

  • Covers various types of machinery, plant and equipment, both electrical and mechanical
  • Covers unforeseen or sudden physical damage of the insured machinery due to breakdown
  • Option of covering selected machinery
  • Provides cover for machinery at various locations
  • Policy can be taken by the owner or by the financiers of the machinery
    • While at work
    • While being dismantled or removed or re-erected in the same premises
    • Damage to electrical machinery due to fire originating within itself
  • Covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self- heating, centrifugal force, and short circuit.

Major Exclusions

  • Fire, lightning, Chemical Explosion, Burglary and Theft
  • Inundation, flood
  • Earthquake
  • Subsidence, landslide, Impact of land borne, Water borne craft.
  • Faults or defects existing at the time of commencement of the insurance which ought to have been or were known to the Insured.
  • Nuclear reaction, Nuclear Radiation or Radioactive contamination
  • Willful acts or Gross Negligence on the part of the Insured or of his representatives
  • War or warlike operation
  • Wear and tear

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