Machines do breakdown unexpectedly, hence it is essential to cover these machines accidental damages and losses.
Many businesses have invested large sums of money into acquiring machineries that fit their specific business requirements. However, these machineries can potentially breakdown or stop working. The Machinery Breakdown insurance provides cover against sudden and unforeseen physical damage to your machineries whether at work or at rest and during cleaning, inspection, over-hauling, and removal to another position within the premises. The policy covers all accidental damages or losses due to any causes except those specifically excluded in the policy.
What is Machinery Breakdown insurance about?
This policy provides cover for plant, machinery and mechanical equipment work, at rest or during maintenance operations.
What are the Covers / Benefits provided?
This policy provides cover against sudden and unforeseen physical damage to your machinery whether at work or at rest and during cleaning, inspection, over-hauling and removal to another position within the premises during subsequent re-erection. Duration of cover is usually one year, you need to renew your insurance policy annually.
What are the Major Exclusions under this policy?
This policy does not cover losses such as:
- Loss or damage to exchangeable tools, catalyst
- Loss or damage to fire and allied perils, flood, collapse of building, landslide
- Loss or damage due to burglary, theft
- Loss or damage caused by existing defects or faults
- Loss or damage for which a contractor, supplier or repairer is responsible either by law or under contract
- War, Civil war and any act of terrorism
- Radioactive and nuclear energy risks Wilful acts or wilful negligence
- Loss or damage as a direct consequence of the continual influence of operation (e.g wear & tear)
- Consequential loss or liability of any kind
Note: This list is not exhaustive, please always refer to your Insurers policy wording.
As Insurance is a complex subject, please talk to us now for professional advice and to make sure your level of coverage is appropriate, adequate, and sufficient to your requirements.
The List of Risks or the range of insurances available is not exhaustive, if there are any particular risks that are possibly unique to your type of business and/or for any specific or special requirements, please seek our assistance and guidance.