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MACHINERY BREAKDOWN INSURANCE
Scope of Cover:
This Policy covers for physical loss or damage to Machinery and equipment against unforeseen and sudden physical loss of, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils.
This Policy covers for physical loss or damage to Machinery and equipment against unforeseen and sudden physical loss of, or damage to the insured items, necessitating their repair or replacement, other than specified excluded perils.
Significant Extensions:
Air Freight.
Express Freight (Excluding Air Freight), overtime and holiday wages.
Insured’s own surrounding property.
Third Party Liability.
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.
Excess:
Policy is subject to compulsory Excess, which depends upon the value of Machinery.
Sum Insured:
The value proposed for insurance should be equal to the new replacement cost, including freight, erection cost and customs duty, if any.
In Case of Claim:
Inform the 24x7 Call Centre about your Policy details.
Get a Claim Registration No. while confirming the Policy details.
Appointment of Surveyor at the time of Claim Registration.
Fast settlement of claims after submission of all the relevant documents.
Next Steps
