Askari Machinery Insurance offers coverage to the insured against the financial loss incurred by him on account of unexpected breakdowns. Loss or damage to the machinery because of any sudden breakdown, be it accidental, electrical or mechanical, is covered for you.
Owing to a multitude of factors which could lead to a normal functioning machine to collapse suddenly irrespective of whether the machine is in operation or in a state of rest or undergoing maintenance Askari offers a cover that remains active all the time.
Some of the causes for damages covered by our policy include faulty design, bad workmanship, and lack of skill, carelessness, short circuit, and explosion.
The policy pays for the repair and/or replacement of the damaged/defective parts and various machinery types such as generators, compressors, turbines, transformers, and all types of industrial assembly lines can be covered under this policy.
RISK COVERED
Faulty material, defects in casting, faulty construction, faulty design
- Cracking or overheating of parts, short circuits and electrical burnouts,
- Faulty erection, explosion,
- Tearing apart on account of centrifugal forces,
- Failure of operation of safety devices.
- Lack of skill, carelessness, sabotage, falling bodies,
- Electrical over pressure, failure of other machinery connected with it, entry of foreign objects.
- All types of industrial machinery like compressors, pumps, turbine etc.
- Electrical machines like transformer, electrical motor, generator etc. can be covered under this policy
KEY BENEFITS
- 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.
ELIGIBILITY
- The owner of the machine or a person or company having financial interest in the machine.
- The Industrialist / user of the Industrial machinery
- The financial institutes who have an interest in the machinery
EXTENSIONS
The policy can be extended to include the following risks on payment of additional premium.
- Damage to foundation of machinery
- Damage to oil in electrical apparatus
- Express freight (excluding air freight), holiday rates, overtime charges
- Air freight
- Additional custom duty i.e. the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured.
- Own surrounding property i.e. damage to the insured's own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy.
- Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
DOCUMENTS/INFO REQUIRED
- Commencement/completion Date.
- Proposal Form dully filled, signed and stamped from insured.
- Item wise Sum Insured.
