Industrial machinery and equipment are the backbone of any business. Sudden mechanical breakdown can temporarily freeze business operations. Added to this, there is the extra cost of repair/ replacement. Be prepared for such eventualities with Reliance Machinery Insurance.
The Reliance Machinery Insurance Policy covers:
- Sudden, unforeseen, accidental physical damage to the machinery, plant and equipment
- While at work
- While being dismantled or removed or re-erected in the same premises
- Damage to electrical machinery due to fire originating within itself
- Covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self- heating, centrifugal force, and short circuit.
Partial loss: Full cost of parts plus the labor charges, to and fro freight, customs duty and charges for dismantling and re-erection. Excess applicable to the affected item is deducted from claim. Depreciation will be applied for items with limited life.
Total loss: Actual value of items immediately before the occurrence of loss. If under insured, claim will be paid only on proportionate basis.
The policy does not cover loss, damage and/or liability caused by
- Fire and allied perils
- War and nuclear perils
- Overload experiments / tests / abnormal operating conditions
- Gradually developing flaws, defects, cracks or partial fractures in any part not necessitating immediate stoppage, although at some future time repair or renewal of the parts affected may be necessary.
- Deterioration, or wearing away, or wearing out of any part of any machine caused by or naturally resulting from normal use or exposure
- Willful act / negligence of the insured
- Contractual liabilities
- Pre-existing defects
- Consequential losses or any kind