Machinery Insurance
This insurance policy is ideal for all owners
of plants and machinery since it protects them from all major risks
and contingencies that may arise and cause unforeseen losses and
damages to their property.
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What can be Insured
This insurance policy provides cover for the insuring
owner's plant and machinery whether it is |
Risks covered
The insurance
policy suitably indemnifies the insured owner of the plant and machinery
against any unforeseen or sudden physical damage
to their property, unless the risk is specifically excluded in the
policy.
Compensation Offered
This insurance policy will recompense the loss
by paying the Sum Insured equal to the cost of replacement of the
insured property
with new property of the same kind and capacity that includes freight,
custom duties and dues as well as construction and erection costs.
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Exclusions
The insurance policy will
never pay any claims arising from any loss or damage
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To electrical
or mechanical breakdown, failure or breakage.
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To replaceable parts such as knives, ropes,
belts or chains.
- To explosion of any boiler or pressure vessel due to internal
steam fluid pressure or internal combustion.
- To vehicle not
used exclusively on construction sites.
- To waterborne vessels or craft.
- Due to wear and tear or corrosion.
- While in
transit from one location to another.
- While undergoing any tests.
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If the plant machinery needs to be shifted
from one location to another, then a suitable transit cover has to
be obtained.
The policy can be extended to cover the transit period after paying
additional premium for third party liability, surrounding property,
clearance and removal of debris.
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