Machinery Breakdown & Deterioration of Stock Insurance Policy
Machinery breakdown insurance offers assurance and protection to business owners such as mechanical engineering, industrial, textile, paper mills, workshops from risk of damage being caused due to an unexpected failure of their machinery.
Our insurance policy will cover any sudden damage that may be due to one of the following causes:
- Losses due to short circuit,
- Physical explosion,
- lack of water in boilers,
- separation due to centrifugal force,
- storm, ice,
- incorrect handling, negligence carelessness
- poor assembly
- wrong design
- malicious damage by third parties
Our policy provides the above mentioned basic cover with the possibility for extension of cover by adding additional benefits to the basic coverage package as follows:
- Political unrest
- Overtime night work, expediting shipments cover
- Air fare cover
It is a prerequisite of the policy that a detailed asset register of all machinery is submitted to us for the issuance of the Machinery Breakdown policy.
Deterioration of Stock Insurance – As a consequence of Machinery Breakdown
Our Deterioration of stock insurance is offered in conjunction with the Machinery Breakdown policy and covers the cover spoilage of goods stored in cold chambers due to their mechanical failure.