Machinery Breakdown
Industrial machinery and equipment are the backbones of any business. There is no substitute for perfection in maintenance to ensure zero breakdown in the machine. Still, breakdowns do occur involving expensive machinery and equipment and grabbing substantial financial investment for reasons varied. Machinery Breakdown Insurance Plan 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 an extra cost of repair/ replacement. Machinery Breakdown Policy or Equipment Breakdown policy reimburses the insured for the cost of repairs or replacement of machinery of like nature.
- Covers plant, equipment, electrical and mechanical types of machinery.
- Covers unforeseen or sudden physical damage to the insured machinery due to breakdown.
- The option of covering selected machinery.
- Provides cover for machinery at various locations.
- This 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.
- Inundation and flood
- Earthquake
- Subsidence, landslide and the impact of land-borne and waterborne 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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