Businesses often invest heavily in acquiring machineries that meet their specific needs, but they may experience unexpected breakdowns. Machinery Breakdown insurance offers coverage for physical damage to these machines, including cleaning, inspection, over-hauling, and removal. This policy covers all accidental damages or losses, except those excluded by the policy. Examples of covered machinery include lifts, generators, elevators, escalators, and industrial machines.
SCOPE OF COVERAGE:
Standard Machinery Insurance Policy covers unforeseen and sudden physical damage to the insured property from any cause (subject to exempted risks)
- While working or resting.
- During dismantling for clearance or overhaul.
- During cleaning or overhaul activities.
- When shifting within the premises.
- For subsequent erections.
The Loss producing events could be:
- Electrical
- Mechanical
- External