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The New India Assurance Industrial Insurance |
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Machinery Breakdown Policy
Highlights
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.
It reimburses the insured for the cost of repairs or replacement of machinery of like nature.
• Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
• What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
• What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
Scope
The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:
1. Faulty material/workmanship of the machine
2. Action of centrifugal forces contributing to disruption of the rotating parts
3. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
4. Malfunctioning or failure of safety devices.
5. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
6. Abrupt and sudden stoppage of other connected machinery.
7. Entry of foreign bodies into running machine.
8. Inexperienced operations causing damage due to error of judgment or error in operation.
How to claim
In case of any such incident which falls under the scope of the policy, the following steps should be followed:
1. Please inform the insuring office by phone, letter or fax.
2. Take all necessary steps to minimise the loss.
3. Obtain estimate of repair from repairer of your choice.
4. Submit this repair estimate and claim form to the surveyor deputed by the insurance company.
5. After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be.
6. Submit actual bills of repair/replacement with proof of payment to the surveyor.
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