Machinery Insurance

Machinery Insurance

This insurance policy covers body of machinery parts or any part thereof or other belonging to the Insured as specified

The Insurers hereby agree : 

The Insurers hereby agree with the Insured (subject always to the terms, provisions and conditions contained herein or endorsed hereon) that if at any time during the period of insurance stated in the Schedule, or during any subsequent period for which the Insured pays and the Insurers may accept the premium for the renewal of this Policy, there shall occur to the machinery insured (or any part thereof) specified in the said Schedule, whilst on the premises mentioned therein, any unforeseen and sudden physical loss or damage necessitating its repair or replacement due to caused such as

• Defects in casting and material, faulty design
  
• Faulty design
• Faults at workshop or in erection, bad workmanship, lack of skill
• Carelessness, sabotage
• Shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force
• Short-circuit, storm, or any other cause not specifically excluded hereinafter

Your premium may vary, depending on:

• The sum insured (full value or first loss)
• Type of machines, year of manufacture, brand, capacity, etc
• Maintenance Program
• Extended coverage and special clauses
• Location
• Other factors

What is Machinery Insurance?

1. Loss of or damange to belts, ropes, wires, chains, rubber tyres, dies or exchangable tools, engraved cylinders, objects made of glass, porcelain, ceramics, felts, sieves or fabrics, all operating media (e.g. lubricating oil, fuel, catalysts).
2. Loss or damange arising directly from lightning, directly or indirectly fire, the extinguishment of a fire, or clearnace of debris and dismantling necessitated thereby, chemical explosion (except flue gas explosion in boilers), smoke, soot, agressive substances, theft, subsidence, landslide, rockslide, flood, inundation, earthquake, impact of landborne, waterborne or airborne craft.
3. Loss or damage directly or indirectly caused by or arising out of or aggravated by war, invasion, act of foreign enemy, hostilities (whether war can be declared or not).
4. Loss or damage directly or indrectly caused by or arising out of or aggravated by civil war, rebellion, revolution, insurrection, mutiny, riot, strike, lock-out, civil commotion, military or usurped power, a group of malicious persons or persons acting on behalf of or in connection with any political organisation, conspiracy, confiscation, commandeering, requisition or destruction of or damange by order of any government de jure or de facto or by any public authority.
5. Loss or damage directly or indrectly caused by or arising out of or aggravated by nuclear reaction, nuclear radiation or radioactive contamination.
6. Loss or damage caused by any faults or defects exisitng at the time of commencement of present insurance within the knowledge of the Insured, or his representatives, whether such faults or defects were known to the Insurers or not.
7. Loss or damage arising out of the wilful act or gross negligence of the Insured or of his representatives.
8. Loss or damage for which supplier or manufacturer is responsible either by law or under contract.
9. Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitation, erosion, rust, boiler scale).
10. Consequential loss or liability of any kind or description, any payments over and above the indemnity for material damage as provided herein.