Machinery Breakdown Policy

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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.
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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The New India Assurance Company Limited

Mumbai, Maharashtra
5/5
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GST- 27AAACN4165C3ZP
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Product Description

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.

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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Machinery Breakdown Policy

About the Company

Legal Status of FirmLimited Company (Ltd./Pvt.Ltd.)
Nature of BusinessService Provider
IndiaMART Member SinceAug 2014
GST27AAACN4165C3ZP
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MUMBAI REG. OFFICE.III New India Centre, 3rd Fl., 17 -A, Cooperage Road
Mumbai - 400039, Maharashtra, India

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