• The owner of the machinery.
• In case of any financier’s interest eg. Bank, IDBI etc. machinery can be insured in the joint names.

 

Policy covers the insured machinery, plant and equipments while at work/idle, being dismantled or removed or re-erected, if performed in the same premises, damage to electrical machinery due to fire originating within itself.

It covers loss or damage due to faulty operation, adjustment, casting, vibration, entry of foreign objects, loosening of parts, self heating, centrifugal force, short circuit.

 

The sum insured representing the present replacement cost of the machinery.

Partial Loss

Full cost of parts plus the labour charges, to and fro freight, customs duty and charges for dismantling and re-erection. Excess applicable to the affected item is deducted from claim. Depreciation is applied for items with limited life.

Total Loss

Actual value of items immediately before the occurrence less appropriate depreciation. If under insured, claim is paid only on proportionate basis.