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ICICI Lombard Industrial Insurance |
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Machinery Breakdown Insurance Policy
Scope of cover
The Insurance Policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns due to internal and external causes. Cover is granted during the time the machinery is in operation or rest or in the process of dismantling, overhaul or during subsequent re-erection at the same premises.
Sum Insured
Value proposed for insurance should be equal to new replacement cost including Freight, Erection Cost, Customs Duty, if any.
Premium
Rate of premium depends upon the type of machinery. Discounts are offered in respect of stand-by facility, availability of spares and favourable claims experience, subject to rules laid down in the Tariff.
Significant Exclusions
The Insurance Policy does not cover loss and/or damage from Fire and allied perils, Theft, overloading experiments, wilful acts or gross negligence, gradually developing flaws and deterioration from normal use.
Main Extension
• Air Freight
• Express Freight (excluding Air Freight) Overtime & Holiday Wages
• Insured´s own Surrounding Property
• Third Party Liability
Erection All Risks
Covers Plant and Machinery under erection.
Erection All Risks (EAR) policy is designed to cover Plant and Machinery under erection. Interest of Suppliers/Manufacturers, Contractors, Subcontractors can be recorded in the policy.
Scope of cover
This policy covers risks associated with storage, assembly/erection and testing of Plant and Machinery. EAR insurance provides comprehensive cover. All perils are covered unless specifically excluded. Cover incepts from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the Principal, or the period chosen, whichever is earlier.
Sum Insured
Sum to be insured is the completely erected value of the plant and machinery inclusive of freight, custom duty and cost of erection
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