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Machinery Breakdown Insurance
Machinery Breakdown Insurance
Provides effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement. MBD insurance supplements the coverage afforded by fire insurance.
Loss or damage covered under MBD insurance is mainly caused by one of the following causes:
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
Electrical causes such as short circuit
The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation and installation charges).
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