Machinery Loss of Profits Insurance Policy

  •  About Policy 
  •    Scope of Cover 
  •    Extensions 
  •    Rating 

About Policy

When a loss occurs due to any of the perils covered under Machinery /Boiler Loss of Profit Policy, you will be insured for the reinstatement/ repair/ replacement of the damaged machinery. The time period between the date on which the loss occurs and the date on which the entire reinstatement/repair/replacement is complete and the normal production restarts is the 'Period of Interruption'. This would result in a reduction in turnover/output causing subsequent loss of profits.

Machinery loss of profit covers consequential loss suffered by insured as an inevitable consequence of accidental breakdown of any machinery.

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Scope of Cover

The Machinery/Boiler Loss of Profit Policy covers

  • Loss of gross profit due to reduction in turnover/output
  • Increase in cost of working- This is the additional expenditure that has to be necessarily incurred in order to avoid or diminish the reduction in turnover

The basic requirement is that the loss of gross profit and/or increase in cost of working has to be as a consequence of an insured peril under the material damage policy.



The machinery/boiler loss of profit policy covers

  • Wages-dual basis or pro-rata basis
  • Auditor's fees


The rating depends on:

  • List of the machinery to be insured including the critical machinery
  • The lead time for these machines depending upon whether they are imported or indigenous.
  • The moral and technical hazard relating to the user
  • The effect of machinery breakdowns on the operating profit and standing charges (factor of relative importance)
  • The reserve facilities and spare parts available
  • The maintenance schedule of the machinery.

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