This plan provided financial protection against “sudden” and “unforeseen” physical damage to the covered machinery whilst at work or at rest, and also when they are being dismantled for the purpose of cleaning, inspection, over-hauling or removal or transfer to another position or in the course of their operations or subsequent re-erection provided these are done within the same premises.
This plan is suitable for individual owners of machinery, Manufacturing units, Industrial, Commercial establishment and Banking and financial institutions for their rights and interest.
All types of machinery ranging from Motor, Pumps, Compressors, Transformers to giant Generating Sets, Switch gears, Cables, Turbines, Process Pumps, Blowers, Boiler Feed water pumps, ID Fan, FD fan etc. can be covered.
The “sudden” and “unforeseen” physical damage to machinery can be caused by :-
- a) Defective Material or casting, Faulty design, Bad workmanship.
- b) Failure of connected machinery or prospective devices; Defective lubrication; Misalignment, Loosening of parts; Abnormal stress; Self-heating, Centrifugal force; Excessive electrical pressure ; Shorts circuits; Arcing or Open circuits; Failure of insulation; Carelessness or Malicious acts; Lack of skill, Falling objects; Abnormal operating conditions and the like. Storm and tempest, obstruction or the entry of foreign bodies.
- c) The main elements of the cover are related to Electrical and Mechanical breakdown & Accidental damage from extraneous causes.
The period of cover is usually 12 months but short period cover can still be purchased.