What is Machinery Breakdown Insurance?
Machinery are covered by insurance against any downtime for various reasons causing problems and interruptions in the production and leading important financial losses.
This insurance covers damages to machines and facilities whose production years, specifications and values are shown in the policy during normal operation or cleaning,
revision or replacement activities for any sudden and unforeseeable reason after the trial period.
Insurance Cost
The sum insured for the machinery and facilities included in the attached inventory spreadsheet will be equal to their replacement values. If the value of the machinery when it is damaged is higher than the sum insured for replacement then the difference will be paid by the insured/policy holder.
Click to see General Conditions of Insurance for Breaking of Machines..
Insurance Coverage
Operational accidents
Lubricant problems
Defective model, manufacture, assembly, material, molding, cast and workmanship
Blockage and ingress of foreign objects
Water hammer, sudden cooling and heating
Negligence, fault, mistake, carelessness of or sabotage by employees or third persons
Optional Coverage
Physical explosion
Bases and mounts of machinery and facilities
Costs of transportation done with fast vehicles
Mobile Machinery Comprehensive Motor Insurance Clause
Strike, Lockout, Riot, Civil Commotions and Malicious Damage and Terror Clause
Theft
Unless otherwise specified in the agreement, the following is not covered by the insurance
Loss and damage on the bases and mounts of machinery and facilities due to reasons covered by the insurance,
All damages caused by strike, lockout, and commotion and any military or disciplinary actions taken as a result of these,
All damages caused by all kinds of environmental pollution happened directly or indirectly as results of the risks covered by the insurance.
Situations Which are not Covered
Fire and effects of fire extinguishing, rescue and demolition activities
Burglary and attempt of burglary
Land subsidence and landslide, flooding
Damages caused by wear, tear and corrosion, scaling, calcification as a result of normal operation of the machinery
Damages caused by war, warfare, combat and fight, revolution, uprising and revolt