Machinery Insurance (MI), insures the equipment on industrial units against defects and damages that may occur during the work process, as physical damage from unforeseen and unexpected reasons such as shedding or defects in materials, faulty design , errors in installation or mounting, weak professional workmanship, lack of skills, omissions, interruptions in water cooling systems or steam boiling, short circuit, storm, which make necessary the repairs or the replacement of the damaged facility. The Insured Amount should be equal to the cost of replacing the insured machine with a new machinery of the same type and capacity, which means its replacement cost, including transportation, taxes and fees, and the cost of installation .
Documents to be submitted by the Insured:
- Written request
- Filling of the questionnaire with all the necessary data together with any other statement.
What should the Insured do in case of damage?
- Must immediately notify the Insurer in writing and give a complete information about the nature and extent of damage
- Should carry out all necessary actions to minimize the damage extension
- Should keep the remaining parts and to create the opportunities for their inspection from the representative or inspector of INSIG.
- Should provide a complete information and necessary documents, if requested by INSIG.