Insurance &
Risk Experts

All businesses use powered equipment and machinery for production, services and accounting.  It is, therefore, a given that anyone who accepts responsibility for or owns such equipment and machinery may need to protect these assets against loss or damage.

Here are a few reasons to consider the need for this type of cover:

• Manufacturers' warranties or guarantees do not accept liability for all types of losses or damages but only those caused by faulty design workmanship or material.
• A valuable key item of equipment, plant or machinery may need to completely replace because of the initial failure of a small part which may cause extensive damage and loss.
• The increased failure rate of new equipment may result in the resulting increase of downtime and related losses to your business. Failed equipment does not only add up to physical losses but also business interruption and its associated impact to be considered.  Companies invest in machinery intending to have it pay itself off through increased production or cost reduction. Standby machinery or parts may soften the blow, but combined with the actual physical loss element, even large companies can be dealt a severe blow by valuable business activities being interrupted.

The machinery/equipment Policy will include:

• Breakdown of electronic, mechanical, electrical and pressure equipment
• Deterioration of stock, either refrigerated or under controlled atmosphere, in chambers following a breakdown. An important consideration for businesses who handle a significant value of a temperature-controlled product or raw materials.
• Consequent damage to other property, subject to certain specified circumstances
• Boiler and pressure vessel explosion or collapse
• Data restoration