PROPERTY & TRANSIT

Machinery Breakdown

An idyllic cover for plant and machinery covers the cost of repairs or replacement of damaged parts because of accidental Electrical and Mechanical Breakdown. Assets like Generators, transformers, motor, lifts, elevators, engines, etc.
Machinery Breakdown Insurance is to supplement Fire Insurance. The perils covered under the fire policy are excluded under MBD.

Reasons for Machinery Breakdown

  • Faulty Material
  • Defects in casting
  • Faulty construction of parts
  • Short circuit
  • Faulty erection
  • Failure of operations of safety devices
  • Lack of Skill
  • Carelessness
  • Falling bodies
  • Electrical overpressure
  • Loss of other connected machinery
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At GlobeSecure Machinery, Breakdown Policies are tailored with utmost care and with proper orientation to clients.

The core factors for designing a tailored Machinery Breakdown policy is the following factors Repair facilities
  • Categorize machinery
  • Brand new machinery
  • Old equipment
  • Obsolete equipment
  • Arrive at sum insured considering (New Replacement Cost + Freight Custom Duties + Erection Costs)
  • Extensions
  • Additional Custom Duty cover
  • Additional charges for Express freight (excluding air freight).
  • Third Party Liability
  • Owner’s Surrounding Property
  • Loss experience
  • Statutory and other inspection reports
  • Higher excesses
  • Make of Machinery

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