Machinery breakdown (MB) insurance

What is machinery breakdown insurance?

Our mb policy is an accident insurance on machinery, mechanical equipment and apparatus that covers any unforeseen and sudden loss or damage due to external forces, including human error as well loss or damage to causes inherent in the machine itself.

Why do you need machinery breakdown insurance?

As you may know anything mechanical or when subject to pressure can fail, sometimes with frightening frequency and this leads to financial loss or hardships. As such, every factory with critical machinery would need this kind of protection.

Objects that can be insured could include turbo generator sets, transformers, electric motors, steam engines, internal combustion engines and many more.

What does machinery breakdown insurance cover?        

Our mb policy will cover the following

  • Faulty design and workmanship, workshop or erection faults, faulty casting and faulty material
  • Lack of skill, carelessness, malicious damage
  • Short- circuit
  • Shortage or water in boilers
  • Tearing apart on account of centrigal forces
  • Physical explosion
  • Any other damage occurring as a result of unforeseen events

The indicative premium:

While providing you a quote the premiums may be a reflection of the type of machinery being covered and rates vary between 0.4% and 3%.