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MACHINERY BREAKDOWN POLICY (SCOPE OF COVER (defects in casting and…
MACHINERY BREAKDOWN POLICY
DEFINITION
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
EXAMPLE OF BUSINESS OPERATING IN THE FOLLOWING INDUSTRIES
oil and petrochemicals
manufacturing industries
chemical and pharmaceutical
power generation, utilities and alternative energy
CONDITION
interpretation
claims
cancellation
premium warranty
SUBJECT MATTER
all chemical and electrical equipment, eg: Generator, motor, lifts, elevators
TYPE OF CLAIM SETTLEMENT
notification of claims
submission of claim
duty of disclosure of claim information
SCOPE OF COVER
defects in casting and material, faulty at workshop in erection, bad workmanship
lack of skill, carelessnes
short circuit
shortage of water in boilers
physical explosion, tearing apart on account of centrifungal
EXCLUDED PERILS
war and related risk
the deductable stated in the schedule
supplier, contractor or repairer is responsible either by law or under contract
faults or defect existing at the time of commencement of the insurance which ought to have been or were known to the insured
CLAIMS
notification of claim
submission of claim
duty of disclosure of claim information
TYPE OF SETTLEMENT
partial loss
total loss