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| Machinery Breakdown (MBD) Insurance |
Machinery Breakdown (MBD) Insurance provides effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement.
Machinery Breakdown (MBD) Insurance covers all kinds of electrical and mechanical breakdown resulting from the following incidents:
Machinery Breakdown (MBD) Insurance covers all kinds of electrical and mechanical breakdown resulting from the following incidents:
- Faulty material/workmanship of the machine
- Action of centrifugal forces contributing to disruption of the rotating parts
- Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
- Malfunctioning or failure of safety devices.
- Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
- Abrupt and sudden stoppage of other connected machinery.
- Entry of foreign bodies into running machine.
- Inexperienced operations causing damage due to error of judgment or error in operation.
Who can take Machinery Breakdown (MBD) Insurance:
This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
What kind of machines can be covered Machinery Breakdown (MBD) Insurance:
All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
What is the sum insured or value for which policy is to be taken:
It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
What kind of machines can be covered Machinery Breakdown (MBD) Insurance:
All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
What is the sum insured or value for which policy is to be taken:
It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
Note: Policy details given are indicative, not exhaustive. Please contact us for further details.
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