Machinery insurance policy provides compensation in the event of any accidental electrical and mechanical breakdown to the machinery of owners, mortgagers and Lessor or hirer of machine such as:
- All types of industrial machinery like compressors, pumps, turbine etc.
- Electrical machines like transformer, electrical motor, generator etc.
Cover loss or damage to machinery as a result of accidental electrical and mechanical breakdown due to:
- Defect in casting and material
- Faulty design
- Faults at workshop or in erection
- Bad workmanship
- Carelessness
- Physical Explosion
- Short-circuit
- Falling objects
- Entry of foreign bodies
- Tearing apart due to centrifugal force