Overview
Unexpected occurrences may damage equipment and cause expensive production delays in addition to interrupting the cash flows of an industry. Steam explosions, machinery/mechanical and electric breakdown are not insured in a standard "all-risk" property policy. This cover is suitable for installed plant and machinery including lifts. The policy covers sudden and unforeseen mechanical and electrical breakdowns extended to include extraneous damage.
Features
Madison Insurance’ Machinery Breakdown insurance protects against:
- Losses due to steam explosions, machinery/mechanical and electric breakdowns
- Liability claims for covered losses to other peoples property in your care, custody or control
- The cost of hiring temporary machinery
- Repair or replacement costs for damaged property
- Legal expense incurred for defense against a claim or suit alleging liability under the policy
The Madison Insurance Machinery Breakdown policy has been designed with many industries in mind
Benefits
To meet the varied needs of today’s businesses, Madison Insurance offers the option of Stand-Alone or package policies under Machinery Breakdown.
Package Machinery breakdown –This policy covers three hazards that machinery is often exposed to. These include fire, burglary and machinery breakdown. This is a comprehensive cover that eliminates the need to have two different underwriters.
Stand Alone Machinery breakdown–This package is purchased when Madison is not providing the property policy. It covers direct physical loss or damage to machinery.
Machinery Breakdown losses can go beyond the repair or replacement cost of damaged equipment. We can customize our Machinery Breakdown policy to include indirect losses that result from a breakdown including:
- Business Interruption
- Extra Expense
