Engineering and Machinery Insurance


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engineering and machinery insurance

Machinery Breakdown insurance is designed to cover plant and machinery in factories, workshops, industries etc against accidental and physical losses in the course of operation. Property or Fire insurance policies would specifically exclude losses to machinery breakdown losses.

Breakdown losses can occur due to any of the following reasons:

  • Defective casting and material
  • Faulty Design
  • Bad Workmanship
  • Physical Explosion, flue gas explosions in Boilers
  • Faulty Operation, Lack of skill, negligence, Malicious acts
  • Tearing apart on account of centrifugal force
  • Electric Short circuit
  • Vibration
  • Mal-adjustment, mis-alignment
  • Shortage of water in Boilers

Cover is provided on a New Replacement Value basis. The sum insured declared should represent the cost of replacing the existing machinery with a brand new one also include costs of erection, freight and other costs.

Machinery Breakdown cover can also be extended to include Loss of Profit following Machinery breakdown. The loss of certain key plant and machinery in a factory can completely halt production and thus affect the company’s Gross Profit.

Typical exclusions under Machinery Breakdown policies:

  • Ordinary wear and tear
  • Natural Disasters, Burglary and Theft, Fire and Lightning (covered under Property Insurance policies)
  • Wilful acts
  • Faults present at the time of commencement of insurance cover which ought to have been or known by the insured.
  • Nuclear reaction, Nuclear Radiaion, Radioactive contamination

Further, items known to have a short service life compared with the entire plant are normally excluded such as:

  • Interchangeable tools
  • Belts, chains, ropes, sieves, engraved cylinders, stamps, dies
  • Parts of glass, ceramic or wood, rubber tires
  • Operating media such as gas, refrigerants, catalysts, liquids, lubricants

enquire with us

If you would like further information about any of the services we offer or would like to discuss in detail a particular service or quote, please use the form on the right. We’re always delighted to hear from you. Do leave us comments, suggestions or queries, and we can arrange a time to call you.

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