Machinery breakdown can lead to arrest of production and business operations. It’s vital to get industrial operations back on track as they affect the revenue flow. Reliance has the perfect policy called the Reliance Machinery Insurance Policy to protect both your machinery and your revenue in case any machinery breaks down.
The Reliance Machinery Insurance Policy provides coverage for:
- Sudden, unforeseen, accidental physical damage to the machinery, plant and equipment
- While at work/rest
- While being dismantled, removed, or re-erected in the same premises, including 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
The policy pays as follows:
- 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 the 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, the claim will be paid only on a 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