Reliance Insurance for Machinery

Www.reliancelife.com Machinery Insurance | Reliance Machinery Insurance Policy

Due to failure or breakdown of the main machines such as pressure vessels and boiler in any manufacturing and industrial unit the working can be interrupted. To ensure the continuity in the business and reduced turnover this policy is needed to cover for the losses incurred on machinery arising out of sudden and unforeseen physical damage.

Policy does not pay for the following reasons:

• Negligence on the part of the insured or representatives
• War or war like perils
• During the time of repairs of the destroyed or damages property alteration overhauls or improvement are being carried out
• Existing damages in the machineries during the time of commencement of the policy within the knowledge of the insured or the insured’s representatives
• Restrictions imposed by the public authority on operation or reconstruction

Reliance Machinery Insurance Policy Coverage

• Loss of gross profit due to reduction in turnover / output.
• Increased cost of working

Due to accidental damage to machinery / boilers affected in stated premise consequent upon the operation of an insured peril under the Machinery Insurance policy.

Sum insured is the Annual Net Profit plus Standing Charges based on the latest balance sheet figures adjusted to expected trend in the forthcoming year of operations.

The policy is subject to adjustment of premium to the extent of difference between actual Gross Profit of the current financial year and estimated profits subject to a downward limit of 50%.

Reliance Machinery Insurance Policy Special Features:

The policy provides for following extensions:

• Wages
• Auditors' Fees

Reliance Machinery Insurance Policy Features:

Breakdown and Failure to the critical machinery, boilers or pressure vessels in any industrial or manufacturing unit can threaten to interrupt the regular operations and jeopardize revenue streams. Reduced turnover along with the additional costs towards ensuring continuity of business are pertinent risks that need to be provided adequate protection. For this purpose, Reliance General Insurance presents its Machinery Loss of Profits Insurance Policy, which covers business losses arising out of unforeseen accidental physical loss or damage to machinery.

Key Benefits

• Specialized product covering financial losses consequent upon breakdown or failure of important machinery
• Extensions available to cover wages and auditor fees
• Offers exhaustive coverage along with the machinery breakdown policy for all risks associated with boilers, pressure plants and industrial machinery