Machinery Breakdown

uriic provides coverage for machinery against any unforeseen and sudden physical loss or damage necessitating its repair or replacement.

Machinery Breakdown [MBI]. It is designed to provide coverage for machinery against any unforeseen and sudden physical loss or damage necessitating its repair or replacement due to causes such as defects in casting in material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness and explosion are just some of the causes that can be covered by MBI.

Machinery and Equipment used in various industries are exposed to risks of unforeseen and sudden mechanical or electrical breakdown resulting in loss or damage. Such losses may be repairable or sometimes need replacements.

Sum insured for this insurance should be the replacement cost including freight, duty, cost of erection and other dues. If the sum insured is found to be inadequate, our policy will pay in such proportion as the sum actually insured bears to the sum actually should have been insured.

Premium rate is influenced by factors such as values, type, make, model and age, nature and type of industry where used, experience of the industry, loss history.