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things you must know aboutMachinery Breakdown Insurance |
What is Machinery Breakdown Insurance?
This policy covers you for the sudden accidental & unforeseen physical loss of or damage to machinery & the plant. This can arise from mechanical/electrical breakdown, either whilst in operation, at rest, or during resting or re-erection, at your premises.
Who needs Machinery Breakdown Insurance?
Industries using:
Motors, generators, transformers, switchboards, switch gear, cabling, boilers, turbines, engines, compressors, refrigeration plant, fans, blowers, lifts, cranes, presses, printing machinery, machines tolls, process plants.
Why should you take out Machinery Breakdown Insurance?
The cost of new plant and machinery can be fairly easily obtained and represents a stable guideline.
When the loss or damage occurs, the insurer will replace with new parts and pays the current labour costs. Therefore, it can be seen that the greater the loss, the closer the repair costs of labour and parts come to the new replacement value. However, if the costs of repair exceed the market value of the machinery or plant, then the insurer would pay only up to the market value at the time of loss or damage plus any dismantling costs. This means that you are indemnified for the cost of repairs without allowance being made for deprecation. Should other work extraneous to the damage be carried out on the occasion of a repair, such as normal maintenance or replacement or worn parts, then this is betterment & will be for your own account.
How much does Machinery Breakdown Insurance cost?
We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the cheapest premiums for your business. The basic of all engineering policies is to insure for the new replacement value of the plant and machinery, including installation costs, freight, customs due etc.
Typical Claims incurred on Machinery Breakdown Insurance policies
The most common and expensive claims come from the collapse of boilers, breakage of shafts, gearing, connection rods, collapse of bearings, puncture or breakdown of insulation, open circuits or flashover, electrical surges or overpressure, internal overheating etc. Damage caused by non-operation or faulty operation of protective devices, excessive stresses, inadequate lubrication, faulty balance, alignment or adjustment and impact.
What other insurance should be considered along with Machinery Breakdown Insurance?
- Damage to foundation arising from other indemnifiable loss.
- Damage to surrounding property not insured in the basic cover, arising from loss or damage to the insured machinery or plant
- Explosion of boilers and pressure vessels (more normally covered under a fire policy)
PLEASE TAKE NOTE THAT THERE ARE MAIN EXCLUSIONS UNDER MACHINERY BREAKDOWN INSURANCE
Risks that can be covered under the other policies (such as fire, storm, explosion, burglary etc.)
Items that are expected to break or wear out in time such as tooling, dies and moulds, chains, cutters, fuses, electric contracts, piston rings and expandable items etc.
Repair or replacement of worn-out parts which are not damaged in the accident.
GET A QUOTATION:
Click here to send us an e-mail requesting a quote -> insurance@barrington.co.za
We will e-mail you a quotation as soon as possible.
Contact details will be kept confidential and will not be used in any way other than as described above and will not be shared with any other parties.
Please note that we can only insure in South Africa.