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This Policy covers for physical loss or damage to Machinery and equipment against unforeseen and sudden physical loss due to all kinds of accidental, electrical and mechanical breakdowns.
Scope of cover:
This Policy covers for physical loss or damage to Machinery and equipment against unforeseen and sudden physical loss due to all kinds of accidental, electrical and mechanical breakdowns as a result of internal and external cause, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils. Covers remain in effect during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same premises.
Significant Extensions:
Air Freight.
Express Freight (Excluding Air Freight), overtime and holiday wages.
Insureds own surrounding property.
Third Party Liability.
Specific Exclusions:
Fire and related perils.
Theft.
Overloading experiments.
Willful acts or gross negligence.
Gradual flaws / defects not necessitating immediate stoppages.
Normal wear and tear.
Consequential losses.
Pre-existing defects.
Terrorism.
Sum Insured:
The value proposed for insurance should be equal to the new replacement cost, including freight, erection cost and customs duty, if any.
