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HDFC Chubb Industrial Insurance |
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Machinery Breakdown Insurance
Your organization wins a valuable contract, but the delivery schedules are tight and the penalties exacting. Just when everything is going according to plan, something unexpected happens.an employee accidentally inserts the wrong tool and the machine comes to a grinding halt. HDFC General Insurance Company´s Machinery Breakdown Policy provides the ideal safeguard for your organization.
Scope of Cover:
The policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns as a result of internal causes. You are covered during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same premises. If specifically requested, you can also cover the machinery foundations, masonry, brickwork as well as oil in transformers from unforeseen and sudden physical loss or damage, other than specified excluded perils and forms of damage.
Significant Exclusions:
The policy does not cover loss and/or damage from fire and allied perils, theft, overloading experiments, willful acts or gross negligence, flaws that gradually develop and deterioration from normal use.
Sum Insured:
The value proposed for insurance should be equal to the new replacement cost, including freight, erection cost and customs duty, if any.
Premium:
The rate depends upon the type of machinery to be insured. You can get discounts in respect of stand-by facility, availability of spares and favourable claims experience, subject to the rules laid down in the tariff.
Excess:
Compulsory excess is chargeable, depending upon the value of the insured machinery.
Contractors Plant & Machinery Insurance
On a construction site, it´s the equipments that have the toughest jobs. Hauling material, excavating earth and debris, generating power almost round-the-clock.But even the most heavy-duty machines can break down, causing heavy losses to your organization. HDFC General Insurance Company´s Contractor´s Plant and Machinery Insurance is the hassle-free way to protect your investment and minimize repair costs.
Scope of Cover:
The policy broadly covers loss or damage to the contractor's construction mobile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an accident arising out of external perils.
The cover is operative while the insured property is at work or at rest or being dismantled for the purpose of cleaning or overhauling, or during subsequent re-erection.
Main Exclusions:
The policy does not cover loss or damage due to:
• Electrical or mechanical breakdown.
• Pre-existing defects.
• Defective lubrication or lack of oil or coolant.
• Any sort of damage for which the manufacturer or supplier is responsible.
• Any consequential loss.
• Loss or damage to vehicle used for general road use, unless working on the specified construction site.
Sum Insured:
The Sum Insured shall be equal to the cost of replacement of the insured property by new property of the same kind and same capacity, which shall mean its replacement cost, including freight, dues and customs duties, if any, and erection costs.
Premium:
The premium depends on the types of equipment, risk location(s) and use of the equipment.
Excess:
The excesses under CPM policy depend on the Sum Insured of the individual machine, the type of machine and whether the claim is due to an Act of God peril or otherwise.
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