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MACHINERY BREAKDOWN (EXCLUDED PERILS (Loss/damage caused by any faults…
MACHINERY BREAKDOWN
SCOPE OF COVER
Covers against loss/damage due to breakdown of plant&machinery after successful completion of their performances acceptance tests, whether they are at work/at rest/being dismantled for purpose of cleaning/overhauling/when being shifted within premises.
Examples of business operating in the industries:
Oil&petrochemicals
Manufacturing industries
Chemicals & pharmaceuticals
power generation, utilities & alternative energy
It covers against any unforeseen & sudden physical loss/damage to the item/property whilst on the premises from causes such as:
Defects in casting&material, faulty design, faults at workshop/in erection, bad workmanship
Lack of skill, carelessness
Short circuit
Shortage of water 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
SUBJECT MATTER
All mechanical & electrical equipment for example: Generators, Transformers, Motor, Lift, Elevators, Enigne
PREMIUM
Nature, mode of operation
Maintenance program in place
Underwriting principles/requirements
Equipment type/design, age
CLAIM SETTLEMENT
Partial loss
New parts are replaced in respect of damage items including freight, Custom duties, workmanship cost less any salvage & deductible
Total Loss
Actual value of item before the occurrence of the loss including all other charges
Include charges for dismounting of the machinery destroyed less any salvage and deductible of the loss
EXCLUDED PERILS
Loss/damage caused by any faults exist at the time of commencement of this policy within your knowledge /representatives, whether such faults were known to us/not
War & related risk
Fire, lightning, Chemical explosion , burglary & theft examples perils covered under other policies, flood, earthquake,subsidence, landslide, collapse of building
The deductive stated in the Schedule
Willful acts/willful negligence of insured /his representatives
Any consequences of nuclear reaction, radiation,radioactive contamination
Defects existing at time of commencement of the insurance which ought to have been/were known to insured
Any act of terrorism
Supplier, contractor,repairer responsible either by law/under contract
Wear& tear as consequence of ordinary use as well as cavitation, erosion, corrosion/boiler scale
UNDERWRITING CONSIDERATION
Age&condition of machine
Seasonal/shift use & operational hours
Loss history
Maintenance programmed in place