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United India Industrial Insurance |
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Machinery Breakdown Policy
We Cover
Various types of machinery, plant and equipment (mechanical/electrical) can be insured. Any type of installed machinery with an option to insure/to cover only selected equipments.
Who can be Insured ?
• The owner of the machinery.
• In case of any financier's interest eg. Bank, IDBI etc. machinery can be insured in the joint names.
What could be the SumInsured ?
The sum insured should represent:
Present day replacement value which includes
• Basic cost + customs duty
• Incidental cost
Insured against What Risks ?
Policy covers the insured machinery, plant and equipments while at work/idle, being dismantled or removed or re-erected, if performed in the same premises, damage to electrical machinery due to fire originating within itself.
It covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self heating, centrifugal force, short circuit.
What is the Basis of Indemnity ?
The sum insured representing the present replacement cost of the machinery.
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 is applied for items with limited life.
Total Loss
Actual value of items immediately before the occurrence less appropriate depreciation. If under insured, claim is paid only on proportionate basis.
What will Policy not Pay ?
Policy will not pay for loss/damage due to
• Fire and allied perils
• War and War like operations, Nuclear perils
• Willful act or gross negligence, existing defects, normal wear and tear and consequential loss
• Loss or damage falling under manufacturer´s warranty
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