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, overhauls 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 and other factors.
Excess
Policy is subject to a compulsory Excess, which depends upon the value of machinery.
Main Extensions
- Air Freight
- Express Freight (excluding Air Freight) Overtime & Holiday Wages
- Insured’s own Surrounding Property
- Third Party Liability
Main exclusions
- Defective material or casting
- Manufacturing defects
- Consequential losses