This insurance is an all risks ‘accident’ insurance for machinery supplementing the coverage afforded by fire insurance; thus it covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement.
Loss or damage covered under machinery insurance can be either due to faulty designs, faults at workshop or in erection, defects in casting and material, faulty operation, negligence, malicious acts, physical explosion, electrical causes such as short circuit, storm and frost.
The covers can be arranged for:
- Heavy industrial machinery
- Simple office desktop computers