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Madison Money Market Fund Daily Yield: 14.50% Effective Annual Yield: 15.51% Madison Fixed Income Fund Daily Yield: 14.95% Effective Annual Yield: 16.02%

There’s no one else who agrees more than we do, that time spent without work is money lost. In case your machinery experiences any sudden physical loss or damage, we’re here to the rescue.

  • We will cover any loss or damage mentioned above by payment in cash, or repair, up to an amount not exceeding in any one year of insurance, in respect of each of the items specified in the schedule.
  • The policy also covers in the case your machinery experiences any sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm, or from any other causes.
  • This policy applies to the insured items after successful completion of their performance acceptance tests whether they are at work or at rest, or being dismantled for the purpose of cleaning or overhauling.
  • In the case where the machinery is destroyed, we’ll pay the actual value of the item immediately before the occurrence of the loss, including charges for ordinary freight, cost of erection and customs duties as long as these costs are indicated in the policy schedule. Any extra charges incurred such as overtime, night work, work on public holidays, and express freight shall be covered by this policy only if they’re agreed in writing.
Engineer at a plant
  • If more than one item is lost or damaged in one occurrence, you will not, however, be called upon to bear more than the highest single deductible applicable to such items.
  • If there’s loss or damage to exchangeable tools, e.g. dies, molds, engraved cylinders, parts which by their use and/or nature suffer a high rate of wear or depreciation, e.g. refractory linings, crushing hammers, objects made of glass, belts, ropes, wires, rubber tires, operating media, e.g. lubricants, fuels, catalysts.
  • Loss or damage due to fire, direct lightning, chemical explosion (except flue gas explosions in boilers), extinguishing of a fire or subsequent demolition, aircraft or other aerial devices or articles dropped therefrom, theft, burglary or attempts thereat, collapse of buildings, flood, inundation, earthquake, subsidence, landslide, avalanche, hurricane, cyclone, volcanic eruption or similar natural catastrophes.
  • Loss or damage for which a supplier, contractor or repairer is responsible either by law or under contract.
  • Loss or damage caused by any faults or defects existing at the time of commencement of this policy.
  • Loss or damage arising out of the willful act or gross negligence.
  • Any consequence of war, invasion, act of foreign enemy, hostilities, civil war, rebellion, revolution, insurrection, mutiny, riot, strike, lock-out, civil commotion, military or usurped power, acts of a group of malicious persons or persons acting on behalf of or in connection with any political organization, conspiracy, confiscation, commandeering, requisition or destruction of or damage to property by order of any government.
  • Any consequence of nuclear reaction, nuclear radiation or radioactive contamination.
  • Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitation, erosion, corrosion, rust, boiler scale);
  • Consequential loss or liability of any kind or description, any payments over and above the indemnity for material damage.
  • The truth of the statements and answers in the questionnaire and proposal made by you shall be a condition to any liability by us.
  • You’re required to take precautions in complying with all reasonable recommendations in preventing loss or damage by taking into account requirements and manufacturers’ recommendations.
  • Machinery shall be subject to inspection to examine total risk where all details and information necessary for the assessment of the risk should presented during inspection.
  • In the case of changes in material that weren’t indicated in the schedule, you’re required to inform your agent as soon as you can.
  • Be sure to notify your agent at least 14 days after the damage or loss so you can be covered.
  • If there are doubts regarding rights to receive the indemnity, pending receipt by the Insurers of the necessary proof.
  • If in connection with the claim an examination by the police or an inquiry under criminal law has been instituted, pending completion of such examination or inquiry.
  • If any of the items stated in the schedule are deemed to be untrue in any material respect, or if any claim made is fraudulent or exaggerated, or if any false declaration or statement is made in support , then this Policy shall be void and we shall not be liable to make any payment.
  • If at the time any claim arises under and there is another insurance covering the same loss or damage, we shall not be liable to pay or contribute more than their proportion of any claim for such loss or damage.
  • This Policy may be terminated at  request at any time, in which case you’ll retain the customary short-period rate for the time this policy has been in force. This Policy may equally be terminated at the option of the Insurers by 7 days’ notice.

For any inquiries or assistance, feel free to contact us. We’re here to support you every step of the way.

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