Machinery breakdown insurance is one of the crucial kinds of insurance that every factory and industry must obtain. Dealing with various different kinds of machinery, you never know anything can happen with the equipment that may cause a hindrance in your operations. If you want to avoid such situations and want to keep the business flow running in an optimal manner, there is nothing best than to invest a certain amount of money as machinery breakdown insurance. Let’s find out all that you should be knowing about this particular insurance.
Machinery breakdown insurance is a kind of insurance that covers all the losses pertaining to accidental or physical damage to any machinery that is insured. Some of the situations where insurance coverage is payable are as follows;
- If your machine has broken down due to excess voltage, short circuits, faulty material, electrical fault, or any such kind of breakdown then coverage claim is applicable.
- Operating conditions of your equipment is abnormal and not like how it is supposed to perform.
- Breakdowns due to falling, collisions and other such activities.
- Lack of operating skills and carelessness in operating the machine.
- Loss or damage of machinery due to fire eruption.
If you have witnessed any of the above stated or similar situations with your machinery, you must immediately opt for a claim. The claim process in machinery breakdown insurance is as follows;
- If any of the occurrence of such incident happens, it is the responsibility of the insured company to inform the insurance company regarding the mishap.
- All the details must be provided to the insurance company regarding the incident and the nature of damage that has happened.
- All the damaged goods must be preserved so a thorough inspection by the insurance company must be conducted.
- A documentary evidence must also be arranged and provided by the policy holder to the insurance company.
- The claim settlement is provided once an investigation report is prepared and all documents are verified.
- If the client is not getting any positive response regarding claim query, they may contact their agent or someone superior in order to get things move in a faster direction.
- One must understand the fact that the claim is not always settled and can be repudiated depending upon the findings of the investigation.
If you want to keep your business running in an efficient manner and want to protect it from all the accidents or unforeseen events to occur, it is best that you consider machinery breakdown insurance as an investment as it gives a lot of benefits if things go wrong.