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Reliance Industrial Insurance |
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Reliance Machinery Insurance Policy
Features
Machinery forms an integral part of any manufacturing or industrial set-up. Breakdown of critical machines have a significant impact on your business, not only in terms of the heavy expenses towards repair and replacements, but also the financial losses that you might have to bear during downtime. We help companies protect their assets and safeguard their revenue streams with the help of the Reliance Machinery Insurance Policy.
Key Benefits
• Covers various types of machinery, plant and equipment, both electrical and mechanical against unforeseen or sudden physical damage of the insured machinery due to breakdown
• Option to cover only selected machinery under the Policy
• Provides coverage for machinery at various locations by specifically mentioning the equipments at each location.
• Policy can be taken by the owner or by the financiers of the machinery.
Policy Coverage
• This policy covers the unforeseen and sudden accidental physical damage to insured machinery, plant and equipment
a). while at work/rest
b). being dismantled or removed or re-erected, if performed in the same premises including damage to electrical machinery due to fire originating within itself.
• It also covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self-heating, centrifugal force, short circuit.
• The policy pays as follows:
PARTIAL LOSS:
Full cost of parts plus the labour charges, to and fro freight, customs duty and charges for dismantling and re-erection. Excess applicable to the affected item is deducted from claim. Depreciation will be applied for items with limited life.
TOTAL LOSS: Actual value of items immediately before the occurrence of loss. If under insured, claim will be paid only on proportionate basis.
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