What is the Machinery Breakdown?
It covers against any unforeseen and sudden physical loss or damage to the item/property insured whilst on the premises from causes such as: a) defects in casting and material, faulty design, faults at a workshop or in erection, bad workmanship b) lack of skill, carelessness c) short circuit d) shortage of water in boilers e) physical explosion, tearing apart on account of centrifugal force f) from other cause not specifically excluded under this policy in a manner necessitating repair or replacement.
If specifically requested, we 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.
Please note: optional cover for loss of profits following Machinery Breakdown insurance is available should the business carried out by you on your premises is interrupted or interfered with in consequence of an accident to the plant and machinery insured.
Consequential losses as a result of machinery breakdown e.g. replacement for loss and spoilage of stock, or loss of profits which could occur while waiting for the parts to repair your machinery. It compensates for loss of revenue and/or increased cost of working incurred to avoid or diminish loss of revenue occasioned by loss of or damage to the items insured under the Machinery Breakdown policy.
Plant All Risks Insurance Policy (otherwise referred to as Machinery All Risks Insurance but excluding breakdown risks) cover for plants and machinery against unforeseen physical loss or damage that may arise from the occurrence of perils that are not specifically excluded from the cover.
- Fire and allied perils
- Theft
- Overloading experiments
- Willful acts or gross negligence
- Flaws that gradually develop and deterioration from normal use
- War, political risk, & terrorism
- Injury, loss or damage when the driver is under the influence of drugs and/or alcohol
- Injury, loss or damage when the driver is participating in racing competition
- Injury, loss or damage when the motor vehicle is ridden by an unlicensed driver
- Excluding compensation to members of the insured’s household and employees
Exclusions:
The policy does not cover loss and/or damage from:
Major exclusions