A machinery breakdown insurance policy is for safeguarding the insured from any breakdown to the machines from industrial or manufacturing units. These could be a part of industrial/production/household goods. The machinery insurance policy at riskfreelife.com offers covers against sudden/unforeseen physical loss or damage to the machines, by causes accepted in the policy plan, excluding certain perils.
Scope of Machinery Breakdown Insurance
The policy covers different types of mechanical and electrical breakdown due to following events:
- Failure or malfunctioning of safety devices, faulty workmanship/material of the machine, failure of lubrication from breakdown or malfunctioning of the lubricant oil pumps.
- Sudden stoppage of connected machinery, electrical short circuit from electrical fire beginning because of insulation failure, which is based on under or over voltage conditions.
- Foreign bodies entering into the running machine, centrifugal forcing actions that contribute to the disruption of machine's rotating parts.
- Inexperience about the operations, which cause damage because of judgment error or faults in machinery operation.
Machinery Breakdown Policy Additional Covers
Add on covers to machinery breakdown policy are available on payment of additional premium:
- Damage to machinery foundation, and/or oil in the electrical apparatus, covers for express freight, overtime and holiday chares/rates, respectively. Air freight, custom duty payable during re-import of replacement parts.
- Machinery breakdown insurance also covers for own surrounding property, any damage to the insured's existing property, which he/she owns or has a custody control for.
- Third party liability cover, i.e. liability that falls on the insured over bodily injury done to any other party than those under the policy cover, or for damaged property of such other parties.