This policy covers sudden and unforeseen physical loss or damage to the insureds machinery and mechanical equipment at work, at rest or in the course of maintenance, and which necessitates repair or replacement.
Causes of the loss or damage could be:
- Faulty design;
- Faulty workmanship;
- Physical explosion;
- Short circuit;
- Insufficient water in boilers, etc.
This policy is appropriate for heavy machinery.
Note: The Sum Insured should be equal to the cost of replacement of the insured machinery by new machinery of the same kind and capacity, which means its cost of replacement, including freight, erection costs, custom duties and any other duties.
Please contact our Underwriting Department for details regarding: Premium rates, Policy Conditions and Exclusions.