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Machinery Breakdown Insurance Policy (Scope of cover (physical explosion,…
Machinery Breakdown Insurance 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.
Business operating in the following industries
Chemicals and pharmaceuticals
Manufacturing industries
Oil and petrochemicals
Power generation, utilities and alternative energy
Subject matter of insurance
All Mechanical And Electrical Equipment
Example: Generators, Transformers, Motor, Lifts, Elevators, Engine etc
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 charge varies depending on the
Maintenance program in place
Underwriting principles/requirements.
Nature and mode of the operation
Equipment type/design and age
Claim
• Duty of Disclosure of Claim Information
• Submission of Claim
• Notification of Claim
Types of claim settlement
Partial loss
Total loss
Underwriting Consideration
maintenance programmers in place
loss history
age and condition of the machine
seasonal/shift use and operational hours