It was developed to grant industry effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations. It covers the following :
All machinery and plant
– Machinery is insured when ready for commercial operation; in the case of newly installed plant once it has been commissioned and the testing period has been completed successfully.
– This insurance applies whether the insured property is at work or at rest, or dismantled for the purpose of cleaning, overhauling, or of being shifted within the premises, or in course of subsequent re erection;
– The Company indemnifies sudden and unforeseen physical loss or damage, necessitating its repair or replacement and resulting from:
– Fortuitous working accidents such as maladjustment, loosening of parts, failures or faults in protective devices, entry of foreign bodies.
– Tearing apart due to centrifugal forces
– Shortage of water in steam boilers or pressure vessels
– Over pressure or implosion;
– Short circuit, over voltage or over current
– Defects or faults in design, material or manufacturing and faults in erection
– Faulty operation, lack of skill, carelessness, malevolence of employees
Terms and conditions as per standard policy apply