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Securing your Projects & Future Profits

Machinery Breakdown Insurance

Features & Benefits

  • Requirements

    Requirements

    Manufacturing is like the nerve center of the industrial sector. A lot of modern businesses depend on their ever-growing manufacturing power, and the machines used represent a major investment for businesses. Unexpected damages can affect your production capability, and in extreme situations, even stop it completely. This is when a Machinery Breakdown Insurance can help you out.

  • Benefits

    Benefits

    Physical damage to machinery from accidents or unforeseen circumstances can slow down or even halt production, and can majorly affect your business. This policy provides coverage for the heavy additional costs that have to be paid for repairing or replacing affected machinery.

  • Sum Insured

    Sum Insured

    The sum insured under this policy is the replacement value of the equipment, duties paid, freight charges, and erection costs. The value of foundation blocks or brickwork, lubrication oils, etc. is decided separately.

  • Premium

    Premium

    The premium is calculated on the basis of the type of equipment insured and their capacity. Different machinery attracts a different premium.

For more information, please read the policy wordings.*Terms & Conditions apply.

Coverage

Eligibility

You can avail this policy if you are:

  • The owner(s) of the machinery
  • Lessor / Lessee of the machinery
  • Different parties with financial interests in the machinery

For complete eligibility, please read the policy wordings.??????

Policy Inclusion

This insurance policy compensates you for the costs of repair or replacement arising from covered, unforeseen circumstances. This coverage is effective even if the equipment is not in use, has been dismantled for maintenance or overhauling, or is being moved on your premises.

With an additional premium, the policy can be extended to cover the following:

  • Escalation
  • Property surrounding insured equipment
  • Third party liability
  • Express freight, overtime, holiday wages etc.
  • Air freight
  • Additional customs duty

For a more exhaustive list and other details, please read the policy wordings.

Policy Exclusion

Machinery Breakdown insurance is for the electrical and mechanical equipment in industry. Electronic equipment like computers, medical, and biomedical equipment are not protected. This policy has a list of ???named excluded perils??? which are specific risks that will not be covered. These risks include:

  • Fire
  • War and nuclear disasters
  • Damage due to overload
  • Wear and tear
  • Wilful act of damage
  • Gross negligence
  • Pre-existing defects known to you

The policy is also subject to deductible excess, as will be specified in the policy wordings.

For a more exhaustive list, please read the policy wordings.

Frequently Asked Questions

Policy cover related FAQ

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Who can buy this product

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Individuals, Commercial Establishments (Hotels, Offices, Shops, Malls, Hospitals Etc.), Manufacturing units

Items Insured

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Electrical and Mechanical Equipment's such as AC, DG Set, Motors, drives etc.

Product Coverage

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Policy is designed to cover physical damages to machinery which are sudden & accidental cover is given irrespective of the fact that machinery are in use / not in use, dismantled for cleaning Maintenance / overhauling is being carried, Moved on the premises.

Pricing related

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Pricing related

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Premium charged on equipment basis, Different Premium rates for different machinery, age of machinery, Loss experience.

Claim Related

How do I record any changes in the policy?

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

open Close

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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