MACHINERY BREAKDOWN POLICY (CONDITION (Interpreptation-Policy and schedule…
MACHINERY BREAKDOWN POLICY
A protection to machinery in all condition whether it being use or not as long as the machinery being as subject matter and in the period of insurance.
SCOPE OF COVER(INSURED PERIL)
Breakdown in all this circumstances. It must happen accidentally.
Defects in casting and material,faulty design,faults at workshop,bad workmanship
lack of skill,carelessness
shortage of water in boilers
physical explosion and other cause exclude under this policy
Interpreptation-Policy and schedule shall be read together
Cancellation-Insured and insurer can cancel the policy by giving written notice
Premium Warranty- The more risky,the higher the premium
Age and condition of the machine
Maintenance programmes in place
Seasonal/shift use and operational hours