Equipment Breakdown Insurance
Equipment Breakdown Insurance covers damages or losses with regards to unexpected events that have caused damage to industrial equipment, machinery or machines for various purposes. Equipment breakdown insurance applies protection to the production facilities both during their normal operation and during the periods when it is not being operated or when the technical maintenance of the equipment is carried out. The subject matter of the insurance contract is the equipment (equipment, machinery, apparatus or devices of all kinds). Equipment breakdown insurance indemnifies for losses caused by material damage to the Company’s assets when such damage is caused by an unexpected and unpredictable insured event.
misalignment, loosening of fastening elements and parts, safety equipment related accidents or false alarms, penetration of foreign bodies;
cracks, ruptures or fractures due to centrifugal forces;
water shortage in steam boilers or high-pressure vessels;
increased pressure, short circuit, increased voltage or increased current;
structures, materials, design, manufacturing defects and/or errors and errors of fitting and installation defects;
erroneous actions carried out by the employees of the policyholder;
Storm direct effects on objects, when buildings, their parts, trees fall onto insured equipment;
any other sudden and unexpected events that require the repair or replacement of the insured machinery.
Equipment breakdown insurance is not only useful but also necessary to ensure stable operation of the company;
companies that do not take this kind of insurance would incur considerable losses, as the disposal of its production is related to various agreements with customers;
even the minor failure can lead not only to suspension of operations for an appropriate period of time but also to the closure of the company;
this type of insurance is also considered to be investment protection and an additional guarantee for the loan.
for each company engaged in manufacturing and production activities;
for the funding providers of the acquisition of production equipment (leasing companies, banks).