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.
Fire, lightning, Chemical Explosion, Burglary and Theft
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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