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Various types of machinery plant and equipment (mechanical/electrical) can be insured. Any type of installed machinery with an option to insure/to cover only selected equipment.
We Cover
Various types of machinery plant and equipment (mechanical/electrical) can be insured. Any type of installed machinery with an option to insure/to cover only selected equipment.
Who can be Insured?
The owner of the machinery.
In case of any financier's interest eg. Bank IDBI etc. machinery can be insured in the joint names.
What could be the Sum Insured?
The sum insured should represent:
Present day replacement value which includes
-Present day replacement value which includes
-Incidental cost
RISK COVERED AND PREMIUM RATING
Policy covers the insured machinery plant and equipment's while at work/idle being dismantled or removed or re-erected if performed in the same premises damage to electrical machinery due to fire originating within itself.
It covers loss or damage due to faulty operation adjustment casting vibration entry of foreign objects loosening of parts self heating centrifugal force short circuit.
BASIS OF INDEMNITY
The sum insured representing the present replacement cost of the machinery.
Partial Loss
Full cost of parts plus the labour charges to and from freight customs duty and charges for dismantling and re-erection. Excess applicable to the affected item is deducted from claim. Depreciation is applied for items with limited life.
Total Loss
Actual value of items immediately before the occurrence less appropriate depreciation. If under insured claim is paid only on proportionate basis.
WHAT WILL POLICY NOT PAY?
Policy will not pay for loss/damage due to
Fire and allied perils
War and War like operations Nuclear perils
Willful act or gross negligence existing defects normal wear and tear and consequential loss
Loss or damage falling under manufacturer's warranty
