Why is this insurance important and specific?
Machines, apparatuses and devices are sensitive equipment prone to damages. An actual damage thereto may result not only in the interruption of production, control or any other business or activities, but also in the costs of repair or replacement (where repair is not possible or worthwhile). As this equipment is often expensive, the risk may be big and the financial burden even bigger. Even in the case of occurrence within the maintenance period, a number of perils may result in damages which are not covered under the guarantee, but are so under the machinery breakdown insurance policy.
Therefore, we would suggest that you protect your capital by taking out this type of insurance.
What is insured?
Insured subject matter comprises:
• Mechanical devices,
• Installations, including the base, bearing and foundation
If specially contracted, the insured subject matter may include the power transmission lines, high voltage and low voltage cables, pipelines, oil pipelines, gas pipelines and heating pipes, water supply and sewerage, central heating and air conditioning installations, camera protection systems, telecommunication lines and data transfer lines, elevators, aerial poles, personal computers and the like.
In any case, an item of machinery, apparatuses or devices may either be insured individually or through a group coverage of all machinery, apparatuses and devices of a company, as needed.
Which risks are covered?
This insurance provides coverage against damages to or destruction of the insured items due to an operational accident, which shall be deemed any event occurring unexpectedly and suddenly with relation to the use of the insured item and/or due to clumsiness, negligence and malicious intent of an operator or a third party.
What is the agreed insured value?
The insurance is written to the sum insured which represents the value of the insured item. The sum insured is the maximum amount of indemnity payable in the event of a risk occurrence and can be estimated by either yourself or a professional, or taken over from the accounting records.
What does the premium amount depend on?
The insurance premium depends on the sum insured, type of business, insured subject matter, group or individual coverage, scope of cover, agreed loadings and granted discounts.
What is indemnified in case of loss?
In case of destruction, the value of the insured item is indemnified. In case of damage, the costs of repair of the insured item are reimbursed. In order to avoid the indemnity reduction by wear and tear, a loading can be contracted for the buy down of depreciated value with partial losses.
If specially contracted, the indemnity may cover the costs of earthworks necessarily taken to eliminate the consequences of a loss on pipelines and cables, as well as the costs of locating damages to power transmission lines, pipelines, cables and the like.
What benefits can you expect?
Quality of maintenance, scope of cover, voluntary deductible, period of insurance, method of payment etc. are the factors that will make you eligible for a discount on the insurance premium charged by Dunav Insurance. If your claims ratio is favourable over a particular time period, you may be granted an extra bonus.
Should you need any additional information about the Machinery Breakdown and Allied Perils Insurance or have any questions regarding your company’s equipment or any other equipment you have interest in insuring, please contact our nearest branch, point of sale or a business office by phone.
This insurance, in any way, covers the costs of debris removal and clear-up with regard to the insured occurrence to the particular percentage of the sum insured.