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Machinery Breakdown Insurance
All plants and machineries are susceptible to
breakdowns or extraneous damages regardless of the
care taken during operation or the standard of
maintenance. Breakdown or extraneous damage can
result from defective material or design of
machinery, bad workmanship, carelessness, short
circuit or other fortuitous causes. These damages
are costly to repair and in exceptional cases, a
major breakdown may result in a total loss. For some
high technology or heavy machinery of high value,
the potential loss can amount to millions of ringgit.
Cover
This form of cover protects against
unforeseen and sudden physical loss or damage to
machineries from cause such as defects in casting
and materials, faulty design, faults at workshop or
in erection, bad workmanship, lack of skill,
carelessness, shortage of water in boiler, physical
explosion, tearing apart on account of centrifugal
force, short circuit or from any other cause not
specifically excluded from the policy. The cover is
operative whilst the machineries are working, or at
rest, or being dismantled for cleaning or
overhauling. Machineries will only be insured after
successful completion of their performance
acceptance test.
Machineries Commonly Insured under Machinery
Insurance
This form of cover is suitable for machinery that
have moving parts or which stores or transmits large
amount of energy. The following are examples of such
machineries:- working.
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1. |
Boilers, heat exchangers,
condensers |
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2. |
Pumps and compressors |
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3. |
AC and DC motors |
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4. |
Diesel and petrol engines |
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5. |
Steam and gas turbines |
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6. |
Alternators, motor
generators |
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7. |
Switchgears, transformers,
capacitors |
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8. |
Overhead cranes, lifts,
escalators |
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9. |
Process equipment such as
paper mill, plastic extruder, cement mil,
screw press, agitated tank, etc |
Major Exclusions
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a. |
Damage due to fire and
extraneous perils. These perils are more
appropriately covered under Fire policy. |
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b. |
Damage to exchangeable
tools, machinery parts which suffer a high
rate of wear and tear or damage as a direct
consequence of the continual influence of
operation. These losses are in the nature of
trade risks and maintenance cost, associated
with the proper operation and care of
machineries and should be borne by the
Insured. |
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c. |
Loss or damage for which a
supplier, contractor or repairer is
responsible either by law or under contract. |
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d. |
Consequential loss or
liability of any kind |
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e. |
War and kindred risks |
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f. |
Others |
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