You can make use of this policy if you are:
- The owner(s) of the machinery
- Lessor / Lessee i.e. leasing the machinery
- A group of different parties with financial interest in the machinery such as bankers or financiers
To understand eligibility better, please read the
Our Machinery Breakdown Insurance policy compensates you for repair or replacement costs arising from unforeseen circumstances. This cover is given to you even if the insured equipment is not in use, is being moved on your premises or has been dismantled for maintenance or overhauling.
If you pay an additional premium, the policy can be extended to cover the following risks.
- Your property surrounding the insured equipment
- Third party liability
- Express freight, overtime, holiday wages etc.
- Air freight
- Additional customs duty
This is not an exhaustive list. For a detailed list of inclusions & other details, please read the policy wordings.
Machinery Breakdown Insurance policy focuses on the mechanical and electrical equipment in industry. That’s why electronic equipment such as computers, medical and biomedical equipment is not protected. This policy has ‘named excluded perils’ which means there are specific risks that will not be covered. These risks are:
- War and nuclear disasters
- Damage due to overload
- Wear and tear
- Wilful act of damage
- Gross negligence
- Pre-existing defects known to you
Policy is subject to deductible excess as specified in the policy wordings.
This is not an exhaustive list. For a detailed list of exclusions & other details, please read the policy wordings.