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MACHINERY BREAKDOWN INSURANCE POLICY (SCOPE OF COVER (Defects in casting…
MACHINERY BREAKDOWN
INSURANCE POLICY
WHAT SHOULD HAVE IN POLICY?
Preamble Part (The heading)
Body Part (Operative clause and etc)
Closing Part (Attestation Clause)
EXAMPLE OF INSURANCE POLICY
Etiqa
Tokio Marine
AIG
Zurich
MACHINERY BREAKDOWN
Product covers against loss or damage due to breakdown
WHO IS COVERED
Business operating in the following industries
Oil and petrochemicals
Chemicals and pharmaceuticals
Manufacturing industries
Power generation, utilities and alternative energy,
SUBJECT MATTER
All mechanical & electrical equipment
Exp; Generators, Transformers, Motor, Lifts, Elevators & Engine etc.
SCOPE OF COVER
Defects in casting and material, faulty design, faults at workshop.
Lack of skill, carelessness
Short circuit
Shortage of water in boilers
and etc
CONDITION
Interpretation
Claims
Cancellation
Premium warranty
Period of Insurance
WHAT IS THE PREMIUM THAT HAVE TO PAY?
The premium charge varies depending on the:
Nature and mode of the operation
Maintenance program in place
Underwriting principle or requirements
Equipment type or design and age
CLAIMS
Notification of Claim
Submission of Claim
Duty of Disclosure of Claim Information
TYPES OF CLAIM SETTLEMENT
2 Type of Losses are considered before settling a claim
Partial Loss
Total Loss
UNDERWRITING CONSIDERATION
Age and condition of the machine
Seasonal or shift use and operational hours
Maintenance program in place
Loss History