This is an All Risk Policy which covers all Perils except what is specifically excluded arising from unforseen and sudden physical loss or damage to the insured machinery
Following an accidental damage to the machine, the policy takes care of all the repair costs provided the costs do not exceed the actual value of the machinery at the time of the loss
The Policy applies to Machines & Plants:-
At Work
At Rest
When being dismantled for the purpose of cleaning or overhauling in the course of the operations or in the course of subsequent re-erection
REASONS FOR MACHINERY BREAKDOWN
The machines are very expensive and losses or damage to the machines are usually very costly
Cover for machinery makes financial risks involved to become more manageable
The cover provides for major repairs expeditiously allowing for resumption of production
The policy provides fress technical and inspection services
We cover New or used machines provided they are in proper operating conditions
TYPICAL CAUSES OF LOSS OR DAMAGE THAT WOULD NECESSITATE TAKING A MACHINERY BREAKDOWN INSURANCE
Human Failures
Electrical Failures
Environmental Failures
Manufacturer's faults
Natural Hazards
Operational Causes
POSSIBLE OPTIONAL EXTENSIONS ON ADDITIONAL PREMIUM
Riot, Strike & Civil Commotion
Overtime/Nightwork
Airfreight
Surrounging Property
Hull Risk excluding Transport
Hull Risk including Transport
Internal Fire
loss of contents
MAIN EXCLUSIONS
Deductibles
Exchangeable tools, parts with a high rate of wear & tear
Fire, direct lighting, chemical explosion and other perils coverable under separate cover e.g Fire Policy
Natural Catastrophes (Acts of God)
Theft, Burglary
Supplier's Responsibility
Existing defects at the time of commencing the insurance
Wilful acts or gross negligence of the insured
War Risks, Strike & Civil Commotion
Nuclear Risks
Wear & Tear
Any Consequential Loss
LIKELY INDUSTRIES/BUSINESSES TO CONSIDER FOR THIS INSURANCE
Mining
Graphics
Chemicals
Metal producting/works
Food Industry
Storage
Leather
Textile
Power Plants
REQUIREMENTS
A duly completed proposal form
Insured's ID/Registration and PIN
Provide a list of the machinery to be covered with details on makes and models, serial numbers, year of manufacture, type and manufacturer, Size and capacity, fixed or movable
Describe whether new or old machines
CLAIM PROCESS
Report incidence/claim as soon as the happening
Document the claim by providing the necessary documents i.e; Claim form duly completed, police abstract form, Records of works, etc
FURTHER DETAILS ON MACHINERY BREAKDOWN
Please refer to our Policy Wording