Machinery Breakdown Insurance

  •  About Policy 
  •    Scope of Cover 
  •    Extensions 
  •    Add-ons 
  •    Exclusions 
  •    Rating 

About Policy

Machinery Breakdown Policy covers your mechanical and electrical machinery and equipment for which you are responsible or held in trust and/or commission at the insured premises.

The policy is designed to provide cover against unforeseen and sudden physical loss or damage to the machinery by any cause subject to excepted risks. Machines are an integral part of all manufacturing and industrial units be it large industrial establishments or small and medium enterprises and any unexpected accident/breakdown can adversely affect business.

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Scope of Cover

The Machinery Breakdown Insurance covers sudden and unforeseen damages arising from mechanical and electrical breakdowns and accidental external means to insured's plant and machinery. The cover is granted when the machinery is in operation or rest or in the process of dismantling, overhauls or during subsequent re-erection at the same premises.

Additional Covers:-

Loss or damage due to:

  • Air freight
  • Express freight (excluding air freight) overtime & holiday wages
  • Insured's own surrounding property
  • Third party liability
  • Escalation
  • Additional custom duty

Exclusions

Loss or damage due to:

  • Fire, lightning, inundation, flood, earthquake, subsidence, landslide chemical explosion, burglary and theft, impact by land borne/water borne craft.
  • Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defect for which the supplier is responsible either by law or under contract.
  • War or warlike operations, nuclear reaction, radiation or radioactive contamination.
  • Willful acts or gross negligence on your or your representatives' part.
  • Accident Loss/damage and/or liability resulting from overload experiments or tests requiring imposition of abnormal conditions.
  • Loss of or damage to belts, ropes, chains, rubber tyres, dies, moulds, blades, cutters, knives or exchangeable tools, engraved or impression cylinders or rolls; objects made of glass, porcelain, ceramics, all operating media etc.
  • Gradually developing flaws, defects, cracks or partial fractures in any part not necessitating immediate stoppage.
 

Extensions

 

  • Escalation
  • Express freight
  • Air freight
  • Owners surrounding property
  • Third party liability
  • Additional custom duty
 

Add-ons

 

  • Rating would largely depend upon Type of machine, availability of stand-by equipments and claims experience.
  • Special rating scheme for equipments valued Rs. 50 lakh and above based on age, maintenance, in-built safety systems, claims experience etc.
 

Exclusions

Loss or damage due to:

  • Fire, lightning, inundation, flood, earthquake, subsidence, landslide chemical explosion, burglary and theft, impact by land borne/water borne craft
  • Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defect for which the supplier is responsible either by law or under contract
  • War or warlike operations, nuclear reaction, radiation or radioactive contamination
  • Willful acts or gross negligence on your or your representatives' part.
  • Accident Loss/damage and/or liability resulting from overload experiments or tests requiring imposition of abnormal conditions.
  • Loss of or damage to belts, ropes, chains, rubber tyres, dies, moulds, blades, cutters, knives or exchangeable tools, engraved or impression cylinders or rolls; objects made of glass, porcelain, ceramics, all operating media etc.
  • Gradually developing flaws, defects, cracks or partial fractures in any part not necessitating immediate stoppage.
 

Rating

 

  • Type of machine
  • Deductible
 

Need Help 

Customer Support: 1800-3002-3202 customercare@magma-hdi.co.in

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