Please enable JavaScript.
Coggle requires JavaScript to display documents.
MACHINERY BREAKDOWN INSURANCE POLICY (SCOPE OF COVER (physical explosion,…
MACHINERY BREAKDOWN INSURANCE POLICY
covers against loss or damage due to breakdown of plant and machinery after successful completion of their performance acceptance tests, whether they are at work or at rest, or being dismantled for the purpose of cleaning or overhauling or when being shifted within the premises.
EXAMPLE BUSINESSES OPERATING
Chemicals and pharmaceuticals
Manufacturing industries
Oil and petrochemicals
Power generation, utilities and alternative energy
SUBJECT MATTER
ALL MECHANICAL AND ELECTRICAL EQUIPMENTS
Example: Generators, Transformers, Motor, Lifts
SCOPE OF COVER
physical explosion, tearing apart on account of centrifugal force
from other cause not specifically excluded under this policy In a manner necessitating repair or replacement.
shortage of water in boilers
short circuit
lack of skill, carelessness
defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship
THE PREMIUM THAT HAVE TO PAY
Maintenance program in place
Underwriting principles/
requirements
Nature and mode of the operation
Equipment type/design and age
TYPES OF CLAIM SETTLEMENT
PARTIAL LOSS
TOTAL LOSS
UNDERWRITING
maintenance programmes in place
loss history
age and condition of the machine
seasonal/shift use and operational hours