Machinery Breakdown Insurance
Insurance protection against the sudden and unexpected loss and/or accidental physical loss or damage caused by:
- Carelessness
- Short-circuit, disruption, electrical overpressure
- Failure of operation of safety devices
- Structural defects, material defects or defects of assembly
- Fortuitous working accidents such as vibration, maladjustment
- Loosening of parts, abnormal stresses, fatigue, centrifugal force, excessive speed
- Defective or accidental lack of lubrication, seizure, water hammer or local overheating
- Falling, impact, collision or similar occurrences
- Obstruction or the entry of foreign bodies
Subject to main exceptions:
- Which are commonly insured: Fire & allied perils
- Which are uninsurable: Wear and tear
When is it covered:
Machines are covered whilst
- Working or at rest
- Being dismantled moved or re-erected for the purpose of cleaning, inspection, repair or installation in another position within the situation
Machines which can be insured:
All Stationary equipment can be covered
- 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 in such industries as cold storage, engineering and metallurgical, paper / pulp making, printing, rubber / plastics and textiles
Sum Insured:
The sum insured has to represent the new replacement value of the machine including Customs Duty, freight and cost of erection & testing.
Possible extensions available:
All Stationary equipment can be covered
- Third Party Liability
- Owner's Surrounding Property
- Additional Customs Duty
- Express Freight
- Escalation
- Air Freight
