This is an insurance policy from ICICI Lombard that is meant to offer cover regarding the losses that is incurred due to mechanical or electrical breakdowns. According to this policy, the owner of machinery is entitled to have insurance cover throughout the lifespan of the machinery.
ICICI Lombard is a general insurance company that offers various types of general insurance products such as vehicle insurance, health insurance, travel insurance and many more. This company is a joint venture between the Canadian based Fairfax Holding Limited and ICICI Bank, one of the leading Banking and financial institutions. This is also the largest general insurance company in the private sector and has also been awarded as the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Award.
The machinery breakdown insurance policy of ICICI Lombard has been here for a long time and has covering to all kinds of industrial machinery throughout the country. In this case the sum assured would be similar to the price of the new machine. The cost of erection, freight as well as the installation should also be taken into consideration.
There is also a premium that a policy holder must pay to the insurance company and in this case the rate of premium depends totally on the type of machinery that is to be used by the owner of industrial premises. People are also entitled to get discounts that are mainly as per the rules in the Tariff Plan. The machinery breakdown insurance policy of ICICI Lombard does not cover the losses that are incurred due to fire.
The machinery breakdown insurance policy of ICICI Lombard has been designed to offer excellent insurance cover to all types of industrial machinery and has been their customer very well for long time.