Machinery Breakdown Insurance
Machinery Breakdown Insurance (MB) is an important type of insurance that will indemnify for losses due to machinery breakdown and allow you to restore the production process.
Objects of Insurance:
- Steam boilers;
- Steam turbines;
- Production machinery;
- Diagnostic and workshop equipment;
- Equipment providing energy supply to the facility;
- Computers, servers, other equipment of a similar type used for operations.
- defects in materials of which the equipment is made;
- faulty design and miscalculation;
- defects in workmanship and installation of machines and mechanisms;
- errors or negligence of employees;
- rupture of chains or steel ropes, falling of insured objects and their collision with other objects;
- overload, overheating, vibration, jamming, loading with foreign objects, pressure change inside the mechanism, the effect of centrifugal force and metal fatigue;
- water hammer;
- the impact of a short circuit, network overload, voltage drop, atmospheric discharge, including damage caused by fire resulting from the above effects, when such damage occurred to those mechanisms that caught fire;
- breakdown or defects of attached, protective or regulating devices;
- an explosion of steam boilers, internal combustion engines and other power sources.
Legal entity or individual who owns the equipment can take out machinery breakdown insurance.
Machinery breakdown insurance is an individual insurance product and must be issued as a separate policy, and not as part of a property insurance policy.
Upon the insured event occurrence, the Insurer shall indemnify:
a) direct damage caused by loss or damage (breakdown) of the insured machinery as a result of insured events;
b) the cost of restoring damaged machinery;
c) reasonable expenses for salvaging equipment, preventing or mitigating damage;
d) legal fees.
Due to the fact that this type of insurance coverage is related to highly technological risks, we can provide you with tailored insurance conditions, as well as insurance rates, after filling out the questionnaires.