Property and Misc Insurance

Machinery Breakdown

When the production of a factory grinds to a halt because of breakdown, it can result in huge losses. Especially when delivery schedules are tight and the penalties are strict.

The resulting downtime, lost production and loss of reputation can be overwhelming. Trust HDFC ERGO’s Machinery breakdown Policy to provide the ideal safeguard for your organisation.

  • The policy broadly covers loss due to all kinds of Accidental, electrical and mechanical breakdowns as a result of internal and external causes. You are covered during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during Subsequent re-erection at the same premises.
  • If specifically requested, you 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.
  • Air Freight
  • Express Freight (excluding Air Freight), Overtime and Holiday Wages
  • Insured’s Own Surrounding Property
  • Third Party Liability
  • The value proposed for insurance should be equal to the new replacement cost, including freight, erection cost and customs duty, if any.
  • The rate depends upon the type of machinery to be insured. You can get discounts in respect of stand-by facility, availability of spares and favourable claims experience.
  • A compulsory excess is chargeable, depending upon the value of the insured machinery.
  • The policy does not cover loss and/or damage from
  • Fire and allied perils
  • Theft
  • Overloading experiments
  • Willful acts or gross negligence
  • Flaws that gradually develop and deterioration from normal use.
 
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