What is Machine Insurance?

As of my last knowledge update in January 2022, there isn't a widely recognized term or concept specifically referred to as "Machine Insurance." However, it's possible that new developments or changes have occurred since then.

If "Machine Insurance" is a term that has emerged or evolved in the insurance or technology industries after my last update, it might refer to insurance coverage related to machines or automated systems. This might include coverage for any risks or losses resulting from the usage of robots, robotics, artificial intelligence, or other automated systems.

For the most accurate and up-to-date information, I recommend consulting the most recent sources, such as insurance industry journals, legal papers, or official comments from relevant authorities. If "Machine Insurance" is related to a specific context or industry, you might also want to look into resources specific to that domain.

Benefits Of Machine Insurance

1.    Repair Cost Coverage: Following an equipment breakdown, organizations may have to pay thousands just to get their business up and running again. Equipment breakdown insurance can help soften the blow, reimbursing organizations for the cost to repair or replace damaged equipment due to an accident.

2.    Expediting Expenses: Repairing complex equipment in a hurry can be an expensive endeavor. Most equipment breakdown insurance policies cover any expenses needed to speed up the repair or replacement of damaged property, including the cost of temporary repairs.

3.    Protection Against Business Interruptions: Virtually in all cases, an equipment failure disrupts a business. In certain cases, these interruptions may be quantified, resulting in lost income and productivity. Equipment breakdown insurance covers some of these costs, including income lost as a result of a covered accident.

MACHINE INSURANCE COVERS: -

• Fire, Theft, Burglary
• RSMD (Riot, Strike, Malicious Damage)
• Terrorism
• Earthquake, Storm, Tempest, Cyclone, Flood, Inundation
• Accidental External Damage While at Work or Rest at The Site Due to Faulty Handling, Impact, Collapse, Dropping.

ADD-ON COVERS

• Third Party Personal Injury & Property Damage.
• Insured's Own Surrounding Property Damage.
• Clearance and removal of debris.
• Express Freight, Holiday & Overtime Charges.
• Additional Custom Duty.
• Escalation.

EXCLUSIONS

• Damage caused by willful act negligence.
• Electrical/Mechanical breakdown, overloading, internal explosion.
• Damage to exchangeable parts.
• Damage to water borne vessel, vehicles for road use.
• Total/partial immersion in tidal water.
• During transit from one site to another.
• Inventory losses.
• War, nuclear reaction etc.
• Loss or damage for which the supplier or manufacturer is responsible either by law or under contract.

CLAIMS PROCEDURE

• Immediately Notify the Company in Writing Giving an Indication as To the Nature and Extent of Loss or Damage.
• Take All Steps to Minimize the Extent of The Loss or Damage.
• Preserve The Parts Affected and Make Them Available for Inspection by A Representative or Surveyor of The Company.
• Furnish All Such Information and Documentary Evidence as The Company May Require.
• Inform The Police Authorities in Case of Loss or Damage Due to Theft or Burglary.

Introductory Video