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machinery breakdown insurance (:green_cross:exuded perils (loss or damage…
machinery breakdown insurance
:check:machinery breakdown cover 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
:check:subject matter of insurance
all mechanical and electrical equipment :red_flag:example : geberators, transformers
:check:scope of cover
it covers against any unforeseen and sudden physical loss or damage to the item/property insured whilst insured whilst on the premises from causes such as:
lack of skill, carelessness
short circuit
shortage of water in boiler
physical explosion, tearing part on account of centrifugal force
storage of water in boiler
:check:what is premium that have to pay
nature and mode of theoperation
maintenance program in place
underwriting principle/ requirement
equipment type/ design and age
:check:type of claim settlement
partial loss
total loss
:check:underwriting consideration
age and condition of the machine
loss history
maintenance programmed in place
seasonal/shift use and operational hours
:green_cross:exuded perils
loss or damage cause by default or defects existing at the time of commencement of this policy within your knowledge
ware and tear as consequence of ordinary use or operation as well as avitation, erosion,corrosion or boiler scale
supplier, contractor or repairer is responsible either by law or under contract
the deductible stated in the schedule
willful acts or willful negligent of the insurance or his representation.