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Machinery Breakdown Insurance

When your business is driven by the power of machinery, any unexpected hiccup can have a huge negative impact. 

For Ugandan business owners and corporate decision-makers, ensuring the smooth running of their machinery is a primary concern. 

Enter Machinery Breakdown Insurance – a shield designed to protect these vital assets and therefore the financial health of your company. 

This information is tailored for Ugandan business owners, navigating through the critical facets of Machinery Breakdown Insurance to equip you with the knowledge necessary to safeguard your operations.

What is Machinery Breakdown Insurance?

Machinery Breakdown Insurance might sound specialised, but it’s an indispensable financial solution for virtually any business in Uganda operating industrial, manufacturing, or even small-scale machinery.

It’s a machinery insurance policy designed to cater to the modern business environment, where the performance and longevity of machinery that are stationary, mobile or moveable are not just assets, they’re essential to competitive advantage and compliance with stringent production schedules.

At its core, machinery breakdown cover protects against unforeseen damage to critical operational machinery by helping you repair or replace them when needed.

What Is Covered Under Machinery Breakdown Insurance?

Don’t let equipment or machinery breakdown bring your operations to a grinding halt!  GoldStar Insurance is here to help you minimise downtime and get back to business as usual within record time.  

With our well-designed Machinery Breakdown insurance policy, we’ve got you covered against sudden and unforeseen accidental breakdown of machinery and equipment. This cover is crucial for businesses that hugely rely on machinery for their operations, as it mitigates financial losses and ensures business continuity. Our MBD insurance policy covers key areas such as:

Repair Or Replacement Costs

These may arise due to Mechanical and Electrical breakdown or Sudden and Accidental damage such as broken shafts or short-circuits including components like motors, gears, and other integral parts. Our policy covers the cost of repairing or replacing the machinery.

Dismantling And Re-Erection Costs

Expenses Associated with dismantling and re-erection of the machinery or equipment for repair and reassembling it after repair. This also includes necessary expediting costs like overtime labour or express freight charges for parts.

With GoldStar, we ensure that your machinery and consequently your business keeps running smoothly, no matter what the circumstance. Let us shoulder the risks so you can focus on what matters––growing your business.

GoldStar's Machinery Breakdown Insurance Optional Add-Ons

With the GoldStar Machinery Breakdown Insurance policy, you can add optional features to your policy from our extensive extensions which may include but not limited to:

Consequential Loss Coverage

This extends to cover for the loss of income resulting from the downtime caused by the machinery breakdown, it helps to cover the ongoing expenses and lost profits during the repair period. This also caters for additional expenses incurred to minimize the interruption to business operations such as renting or hiring temporary equipment.

Loss Of Contents

With this extension, costs relating to replacing lost contents like refrigerants or lubricants because of the breakdown are taken care of.

Third-Party Liability Cover

This allows you the flexibility to cover the legal claims arising due to bodily injury or death of any third party or damage caused to third-party properties.

GoldStar Insurance offers you customizable and comprehensive machinery breakdown policy coverage options to ensure that your business can weather any storm.

Choose GoldStar's Machinery Breakdown Insurance

For Ugandan business owners navigating the peaks and valleys of industrial operations, Goldstar’s Machinery Breakdown Insurance is a critical tool in ensuring the continuous and efficient functioning of your machinery, and by extension, your business itself.

In order to make an informed decision about choosing GoldStar’s Machinery Breakdown Insurance, take a look at the Key Considerations to note and the Exclusions that apply to this policy.

Machinery Breakdown Loss Of Profit

Other types of insurance cover

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Contractors All Risks

Contractors All Risks insurance is property insurance for any building or civil engineering project. Cover on site during construction period…

Erection All Risks Insurance

Erection All Risks

Erection All Risks insurance provides broad coverage during assembling, erection and testing/ commissioning of new machinery, plant and steel structures involving little civil engineering work.

Contractor’s Plant And Machinery Insurance

Contractor’s Plant And Machinery

This is an insurance of contractors’ plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items…

FAQ’s

You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.

Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.

Additional charges will apply and in certain circumstances this cover might not be available.

Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.

In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.

An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.

Tips:

Goldstar claim process

No matter what your worry is, we’re here to help explain the process, assess your claim fairly and minimize the disruption to you with a transparent claims process.

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How to make a claim

We have a number of options to help you make a claim quickly and effectively. Contact our dedicated claims team for advice on an incident/claim.

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Why choose us ?

Goldstar Insurance was IFM’s Best Insurance Company in Uganda (2015) and has over the years consistently maintained a Global A+ Credit Rating

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