In the manufacturing and industrial sectors, unexpected machinery breakdowns can lead to significant financial setbacks. To mitigate these risks and ensure uninterrupted operations, factories and industries can turn to Machinery Breakdown Insurance.
Machinery Breakdown Insurance provides financial protection against accidental breakdowns and physical damage to machinery used in factories and industries. This policy covers the costs of repairs or replacement of damaged machine parts. Many insurers also offer riders for additional risks such as air freight, machine foundation, and customs duty.
Coverage
This insurance covers losses due to sudden and accidental machinery damage from both internal and external causes. This includes:
- Short circuits, excess voltage, electrical faults, and design flaws that manifest after the warranty period.
- Abnormal operating conditions.
- Damage from falling, impact, and collision.
- Carelessness and lack of operating skills.
- Turbine bursts, compressor issues, hydraulic cylinder failures, and other apparatus under centrifugal force or internal pressure.
- Fire initiation from within the machinery, typically excluded from standard fire protection policies.
The policy protects machinery in working and resting conditions, as well as when dismantled, moved, or reassembled for cleaning, inspection, or repair.
Exclusions
General Exclusions:
- War, civil war, riots, and strikes.
Special Exclusions:
- Fire and allied perils, theft.
- Damage due to overload experiments.
- Gradual development of abnormalities or defects ignored despite requiring repair.
- Regular wear and tear.
- Pre-existing faults before policy commencement.
- Loss of use due to factory conditions or consequential losses.
- Explosions in chemical recovery boilers.
- Damage to belts, chains, ropes, rubber tires, or exchangeable tools unless part of an indemnifiable machinery loss.
For any insurance solutions, please contact Beacon Insurance Pvt Ltd at https://www.beacon.co.in/
Insurance is a subject matter of solicitation
