Machinery All Risk
This Cover is needed by all owners of industrial factories, the cover provide the protection against any sudden unexpected physical loss or damage to types of machines, mechanical equipments and devices.
The policy compensates the financial loss resulting from a sudden unexpected loss or material damage up to the insured amount for each item representing the entire replacement cost of the unit.
This cover will be in addition to cover provided under the property insurance under Fire & allied perils or Property All Risk.
The Policy coverage includes any unforeseen and sudden physical loss or damage to the Insured items due to any of the following reasons:
- (1) Faulty designs – faults at the workshop or in erection.
- (2) Faulty in operation and failure of safety system, lubricating systems or controls including lack of skill and negligence of the employees.
- (3) Tearing apart or failure due to the force generated by the machinery itself.
- (4) Short circuit and other electronic causes.
- (5) Shortage of water in boilers
- (6) Faulty operation and damage due to human errors.