Machinery Insurance - customer
Covers against unforeseen and sudden physical loss or damage resulting 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, or from any other cause that is not specifically excluded in a manner necessitating repair or replacement.
Should be equal to the cost of replacement of the insured machinery by new machinery of the same kind and capacity, which means its cost of replacement including freight, dues and customs duties and cost of erection.
This Policy indemnifies for the cost of replacement and/or repair necessarily incurred by the Insured.
Additional Clauses & Extensions
Are available depending on the circumstances and can include:
• Capital Additions Clause
• Clearance and removal of debris
• Expediting expenses clause