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MACHINERY BREAKDOWN INSURANCE POLICY (EXCLUDED PERILS (Loss/damage caused…
MACHINERY BREAKDOWN INSURANCE POLICY
protection given to cover machinery in whatever condition whether the machinery is be used/not as long as the machine is a subject matter.
SUBJECT MATTER
All mechanical and electrical equipments
SCOPE OF COVER
Covers against any unforeseen sudden physical loss/damage to the item/property insured whilst on the premises from causes such as:
Defects in casting material, faulty design,faults at workshop/in erection, bad workmanshio
Lack of skill, carelessness
Short circuit
Shortage of water in boilers
Physical explosions, tearing apart on account of centrifugal force
from other cause not specifically excluded under this policy in a manner necessitating repair/replacement
PREMIUM THAT HAVE TO PAY DEPENDS ON:
Nature and mode of the operation
Maintenance program in place
Underwriting principles/requirements
Equipment type/design and age
CLAIMS
Notification of Claim
Submission of Claim
Duty of disclosure of claim information
TYPE OF CLAIM SETTLEMENT
Partial loss
Total loss
UNDERWRITING CONSIDERATIONS
Age and condition of the machine
Maintenance programmes in place
Seasonal/shift use and operational hours
EXCLUDED PERILS
Loss/damage caused by any faults /defects existing at the time of commencement of this policy within your knowledge/that of your representatives, whether such faults/defects were known to us/not.
War and related risks
fire,lightening, chemical explosions etc
The deductible stated in schedule
Willful acts/ willful negligence of the insured /his representatives
Any consequences of nuclear reaction, nuclear radiation/radioactive contamination
Any act of terrorsm
Supplier ,contractor/repairer is responsible either by law/under control
wear and tear as consequence of ordinary use / operation as well as cavitation,erosion,corrosion etc