Machinery Breakdown Policy

Machinery Breakdown Policy covers Mechanical and Electrical Machinery and/or equipment's owned by you or for which you are responsible or hold in trust and/or commission at the insured premises.

What does this Policy cover?
The Policy covers unforeseen and sudden physical damage to any mechanical and electrical machinery and/or equipment by any cause necessitating repairs and/or replacement. Coverage includes:

Faulty design, faults at workshop or in erection, defects in casting

Faulty operation, lack of skill, negligence

Tearing apart on account of centrifugal force

Short circuit and other electrical causes

Optional Extensions

The Policy covers unforeseen and sudden physical damage to any mechanical and electrical machinery and/or equipment by any cause necessitating repairs and/or replacement. Coverage includes:

Escalation

Express Freight

Air Freight

Owners surrounding property

Third party liability

Additional custom duty

Other Salient Features

Discount for stand-by equipment's

Discount for favorable claims experience

Discount for opting higher voluntary excess

Incentives for good maintenance

Special rating scheme for equipment's valued Rs. 50 lakhs and above based on age, maintenance, in-built safety systems, claims experience etc.

The Policy does not cover the following

Loss or damage resulting from:
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 the part of you or your representatives