Machinery Breakdown Policy
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Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
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· Highlights· Scope· Add on coversHow to claim
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.
Highlights
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.It reimburses the insured for the cost of repairs or replacement of machinery of like nature.· Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.· What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.· What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
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Scope
The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:a. Faulty material/workmanship of the machine b. Action of centrifugal forces contributing to disruption of the rotating parts c. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown. d. Malfunctioning or failure of safety devices. e. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions. f. Abrupt and sudden stoppage of other connected machinery. g. Entry of foreign bodies into running machine. h. Inexperienced operations causing damage due to error of judgment or error in operation.
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Add on covers
The policy can be extended to include the following risks on payment of additional premium.1. Damage to foundation of machinery 2. Damage to oil in electrical apparatus 3. Express freight (excluding air freight), holiday rates, overtime charges 4. Air freight 5. Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured. 6. Own surrounding property i.e. damage to the insured’s own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy. 7. Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
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How to claim
In case of any such incident which falls under the scope of the policy, the following steps should be followed:1. Please inform the insuring office by phone, letter or fax. 2. Take all necessary steps to minimise the loss. 3. Obtain estimate of repair from repairer of your choice. 4. Submit this repair estimate and claim form to the surveyor deputed by the insurance company. 5. After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be. 6. Submit actual bills of repair/replacement with proof of payment to the surveyor.
ASSURANCE COMPANY LIMITED
PROPOSAL FOR MACHINERY INSURANCE
(The liability of the Company does not commence until this proposal has been accepted by the Company and premium paid)
(Information given herein will be treated in strict confidence)
PUT A ( ) MARK WHEREVER APPLICABLE
(a) Proposer’s Name ____________________________________________
(b) Proposer’s Trade or Business ___________________________________
(c) Proposer’s Postal Address _____________________________________
___________________________________________________________
_____________________________
(b) Address where plant to be Insured is located ______________________
(e) Nearest Railway Station and Distance ____________________________
1. Do the items listed represent the whole of the Plant Yes/No
2. (a) Are you at present Insured : (a) Yes/No
(b) If so with whom ? (b)
3. Has any Company -
(a) Declined to insure any of the machinery now
Proposed ? (a) Yes/No
( b) Required an increased premium or imposed
special conditions
(c) Requested for repairs or made other special(b) Yes/No
stipulations for risk improvement ?
4. (a) Are you aware of any defects/damage existing (a) Yes/No
in the machinery.
(b) If so, give details thereof (b)
5. (a) Has your machinery sustained any damage from
breakdown or other cause during last 3 years ? (a) Yes/No
(b) If so, give details of damage/s and repairing cost(b)
6. (a) Are regular periodical inspections of the machinery (a) Yes/No
carried out ?
(b) If so, by whom and at what intervals ? (b)
7. On payment of additional premium do you wish to If yes, provide limits
cover :- of indemnity
(a) Express Freight (excluding Airfreight), overtime
and Holiday rate of wages (a) Rs. No.
(b) Owners surrounding property (b) Rs. No
(c) Third party Liability (c) Rs. No.
8. Period of Insurance From To
SCHEDULE OF MACHINERY TO BE INSURED
GUIDE NOTES
1. Each Machinery should be entered separately with necessary specification as mentioned in Schedule column No. 3
2. The sum Insured must be calculated on the present day new replacement value of the Machinery to be insured including provision for packing, freight and also value of foundations, erection costs, customs duty, to afford full protection under this Policy.
3. If any of the Machines is a ‘Stand by’ this fact should be mentioned.
4. All portable Machines must be so designated. All items in the open must be so described separately.
5. Separate value for foundations masonry and brickwork or oil in transformers and other electrical equipments are to be specified if cover is required.
Sr. Quantity Description Type, Model Maker’s Name & Year of Make Sum Insured
No. Capacity of Machine/ Country of Origin
Serial No. H.P./KVA Volts
AMPS, RPM
1 2 3 4 5 6
I/We the undersigned hereby declare that the above statement and particulars are true and complete and I/we declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Place :_________________
Dated :_________________ Proposer’s Signature_____________
PROHIBITION OF REBATES
Section 41 of Insurance Act 1938
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy; nor shall any person taking out or renewing or continuing a policy accept such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2. Any person making default in Company with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
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ASSURANCE COMPANY LIMITED
The Issue of this form is not to be taken as an admission of liability.
Policy No. Claim No._______________
MACHINERY INSURANCE
Notification of Physical Loss or Damage
Name
Address
Question Answers
1. When did the loss or damage occur ?
(State date and hour)
2. Give the name and address of the witness
to the occurrence.
3. What was damaged ?
(a) Item of the Inventory (a)
(b) Sum Insured (b)
(c) Type of machine output of capacity (c)
(d) Manufacturers and year of manufacture (d)
(Full details on maker's plate to be
given)
(e) What is the cost of replacement of the (e)
machine by a new machine of the same
size and capacity.
4. (a) Was the property brand new or second (a)
hand ?
(b) What was the last occasion before the (b)
damage when the machine was over-
hauled or attended to for maintenance
or damage
5. Is the damaged property totally destroyed ?
Questions Answers
6 What has occurred and which parts of the property are damaged to such an extend the replacement is necessary?
7 Has the period of guarantee expired?If so, when ?
8 What is the estimated amount of loss orDamage?
9 What was the cause of the damage and how did it occur?(This question must be answered in detail and a sketch given wherever possible)
10 (a) Has the property undergone any repairs previously(b) What was the nature of such repairs ? (a)(b)
11 Give the name and address of the workshop where repairs will be executed :(Provisional repairs will be indemnified)
As soon as loss or damage has become known the Company at its Head Office must be notified without delay on the present form. The Agents are not authorized to accept notification of loss or damage.
The undersigned policyholder declares to have answered the above questions conscientiously and faithfully and he is liable for the correctness and completeness of his statement.
_________________ 20_____ ________________________
Signature
1. What has occurred and which parts of the
property
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