The Machinery Breakdown Policy of Iffco Tokio General Insurance covers all types of stationery capital equipments. Both, Electrical and non-Electrical Machinery are covered under this policy.
This policy covers the client against losses that may arise form any unforeseen and physical damages to the machinery like the following:
- Faulty material, design, construction, erection
- Vibration, maladjustments, malalignment
- Defective lubrication, loosening of parts, molecular fatigue. Self heating, explosion due to internal pressure, implosion due to external pressure or internal vacuum, abnormal stress, centrifugal force.
- Excessive electric pressure, failure of insulation, short circuit, open circuit, or arching including damage by internal fire so set up
- Failure of connected machinery or protective devices
- Lack of skill, carelessness or malice of persons, whether insured employee or not
- Falling, impact, collision and the likes of it
The Machinery Breakdown Policy of Iffco Tokio General Insurance is very essential for every manufacturing unit to insure and cover them against heavy losses that may arise out of the above unforeseen incidents.
The policy is valid throughout the time that the machine is in the place where it has been insured, whether it is in use or not and even if it is opened up and reassembled. There are also some other benefits offered under this policy from Iffco Tokio General Insurance as per the desire of the client.
The premium for the policy may be got after putting in a proposal with the company. The rates would be arrived after the company takes into consideration the number of machines and details of the same are submitted.