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MACHINERY BREAKDOWN POLICY (SCOPE OF COVER IS (defect in casting and…
MACHINERY BREAKDOWN POLICY
BUSINESS OPERATING IN THE FOLLOWING INDUSTRIES
OIL AND PETROCHEMICALS
CHEMICALS AND PHARMACEUTICALS
MANUFACTURING INDUSTRIES
POWER GENERATION UTILITIES AND ALTERNATIVE ENERGY
SUBJECT MATTER OF THIS INSURANCE IS : All mechanical and electrical equipments as an example is generator
SCOPE OF COVER IS
defect in casting and material faulty design ,faults at workshop or in erection and bad workmanship
lack of skill or carelessness
short circuit
shortage of water in boilers
physical explosion ,tearing apart on account of contrifugal force
from other cause not specifically exluded under this policy in a manner necessitating repair or replacement
CONDITION
INTERPRETATION
CLAIMS
CANCCELATION
PREMIUM WARRANTY
THE PREMIUM CHARGE DEPENDING ON
nature and mode of the operation
maintenance program in place
underwriting principles requirement
equipment type design and age
TYPE OF CLAIM SETTLEMENT
PARTIAL LOSS
TOTAL LOSS
UNDERWRITING CONSIDERATION
AGE AND CONDITION OF THE MACHINE
LOSS HISTORY
MAINTENANCE PROGRAM IN PLACE
SEASONAL SHIFT USE OR OFFICE HOURS
EXCLUDED PERIL
WAR AND RELATED RISK
THE DEDUCTIBLE THAT STATED IN SCHEDULE
WILLFUL ACT OR WILLFUL NEGLIGENCE OF THE INSURED OR HI REPRESENTATIVES