machinery breakdown insurance

✅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

✅subject matter of insurance

all mechanical and electrical equipment 🚩example : geberators, transformers

✅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

✅what is premium that have to pay

nature and mode of theoperation

maintenance program in place

underwriting principle/ 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 programmed in place

seasonal/shift use and operational hours

❎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.