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Machinery Insurance

Reliance General Insurance

Reliance Machinery Insurance Policy Features

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.​

Key Benefits:

  • ​Covers various types of machinery, plant and equipment, both electrical and mechanical
  • Covers unforeseen or sudden physical damage of the insured machinery due to breakdown
  • Option to cover selected machinery
  • Provides cover for machinery at various locations
  • Policy can be taken by the owner or by the financiers of the machinery

Reliance Machinery Insurance Policy Coverage

​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.

​Option of additional covers:

  • Escalation up to 25% of sum insured
  • Express freight (air freight excluded), holiday, and overtime rates of wages
  • Air freight
  • Owners surrounding property
  • Third party liability
  • Customs duty
  • Additional customs duty

​Reliance Machinery Insurance Policy Exclusions

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