Machinery Insurance

Protect your Operations from stalling
Introduction

Machinery insurance covers the cost of repairs or replacement of damaged machine parts resulting from accidental breakdown or physical damage of a machinery. It generally covers both internal and external causes such as short circuit, structural defects, loosening of parts, excessive speed and lack of lubrication among others.

Advantages of Machinery Policy

  • Reimbursement of the sum insured for the machinery and insured parts helps you overcome the losses.
  • It also covers for items like air-freight, customs duty and labour charges, etc. which should otherwise be borne by you.
  • In some insurance companies, you also get covered for business interruption due to absence of machinery.
  • It provides comprehensive coverage to the machinery.
  • Some insurance plans cover detailed electrical, mechanical and electronic faults that may result in the complete or partial breakdown of the machinery.
  • Some policy also includes Third-party coverage.

    Basic coverage

    The following are the basic coverage offered in Machinery policy.

    • Short circuiting, excess voltage & electrical arcing.
    • Faulty design, faulty material and faulty casting (manifesting after warranty period).
    • Abnormal operating conditions.
    • Carelessness and lack of skill in the operation and maintenance of machinery.
    • Entry of foreign bodies.
    • Falling, Impact, Collision etc.
    • Bursting or disruption of turbines, compressors, cylinders of steam engines, hydraulic cylinders or fly wheels or other apparatus subject to centrifugal force, internal pressure.

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