What is Machinery Breakdown Insurance?This is a type of accident insurance for machinery and provides cover against sudden and unforeseen physical loss or damage to the insured machinery. You are covered during the time the machinery is in operation or at rest or in the process of being dismantled.
- To cover the cost of repairing or replacing indemnifiable breakdown or losses to machinery
- To give assistance in expediting repairs
- Step 1: Request for quotation.
- Step 2: Fill proposal form.
- Step 3: Premium payment.
- Step 4: Provide RDB certificate for the company.
- Step 5: Sign contract.
Some of the cases not covered by the policy are:
- Loss of or damage to exchangeable tools, e.g. dies, moulds, engraved cylinders, parts which by their use and/or nature suffer a high rate of wear or depreciation
- Loss or damage due to fire, direct lightning, chemical explosion (except flue gas explosions in boilers), extinguishing of a fire or subsequent demolition, aircraft or other aerial devices or articles dropped therefrom, theft, burglary or attempts thereat, the collapse of buildings, flood, inundation, earthquake, subsidence, landslide, avalanche, hurricane, cyclone, volcanic eruption or similar natural catastrophes;
- Loss or damage for which a supplier, contractor or repairer is responsible either by law or under a contract;
- Loss or damage caused by any faults or defects existing at the time of commencement of the policy
- Loss or damage arising out of the willful act or gross negligence of the Insured or his representatives;
- Any consequence of war, invasion, the act of a foreign enemy, hostilities
- Any consequence of nuclear reaction, nuclear radiation, or radioactive contamination;
- Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitation, erosion, corrosion, rust, boiler scale);
- Consequential loss or liability of any kind or description