Machinery Breakdown Insurance
Machinery Breakdown Insurance provides cover against unforeseen and sudden physical loss or damage of the insured machinery, plant and equipment by any cause other than risks excluded in the policy and makes immediate repair or replacement.
The policy also covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign materials, loosening of parts, self-heating, and centrifugal force.
Where to use:
- While working or at rest
- While being dismantled or removed or re-erected for the purpose of cleaning, inspection, repair or installation in another position within the situation.
Who can take the Insurance?
- The owner(s) of the machinery
- Lessor /Lessee of the machinery
- Financiers if the financial interest is established for more than one party.
Machines which can be insured:
- Electrical equipment: Including alternators and generators, motors, rectifiers, switchgear and transformers
- Mechanical plant: Including engines, turbines (steam, water & gas), blowers, compressors, pumps, machine tools, presses and refrigerators
Process machinery: cold storage, engineering and metallurgical, paper / pulp making, printing, rubber / plastics and textiles