Machinery Breakdown Insurance
Machinery Breakdown Insurance protects the businesses and industrial operations against financial losses resulting from sudden and unforeseen breakdowns of machinery and equipment. It provides coverage for repair or replacement costs, business interruption losses, and other expenses incurred due to machinery failures, malfunctions, or accidents.
Add-On
Boiler Explosion - Coverage to include damages resulting from boiler explosions, pressure vessel failures, or steam generator malfunctions, ensuring financial protection against catastrophic losses and liabilities.
Electrical & Electronic Equipment - Coverage for damages or breakdowns of electrical & electronic equipment, due to electrical faults or power surges.
Upgrading Cover - Coverage for the cost of upgrading or replacing machinery with newer, more advanced equipment or technology during the repair or replacement process.
Exclusions
1. Damages resulting from gradual wear and tear, deterioration, or aging of machinery and equipment over time.
2. Damages or breakdowns caused by preexisting defects, flaws, or deficiencies in machinery or equipment known to the insured prior to the policy inception.
3. Damages resulting from negligent operation, improper maintenance, or misuse of machinery and equipment by the insured or employees.
4. Damages resulting from acts of war, terrorism, political violence, or civil unrest.