MACHINERY BREAKDOWN POLICY (EXCLUDED PERILS (War and related risks, The…
MACHINERY BREAKDOWN POLICY
This product 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.
SUBJECT MATTER OF INSURANCE
ALL MECHANICAL AND ELECTRICAL EQUIPMENTS
Example: Generators, Transformers, Motor, Lifts, Elevators, Engine etc
SCOPE OF COVER
a) defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship
b) lack of skill, carelessness
c) short circuit
d) shortage of water in boilers
e) physical explosion, tearing apart on account of centrifugal force
WHAT IS THE PREMIUM THAT HAVE TO PAY?
•Nature and mode of the operation
•Maintenance program in place
•Equipment type/design and age
War and related risks
The deductible stated in the Schedule
any consequence of nuclear reaction, nuclear radiation or radioactive contamination
Any act of Terrorism
Supplier, contractor or repairer is responsible either by law or under contract.
wear and tear as consequence of ordinary use or operation as well as cavitation, erosion, corrosion or boiler scale