What does machinery breakdown insurance cover
Atlantic Insurance has been providing Machinery Breakdown solutions for its Clients for over 40 years. A Machinery Breakdown Policy provides cover for your Plant & Machinery against sudden and unforeseen loss or damage following breakdown and can be extended to include loss resulting from an interruption to your business.
Many businesses now have complex processing and cooling / heating equipment utilised which is often connected via reticulated wiring. Sudden breakdown of this equipment can be very expensive to repair however often the bigger cost to a business is a loss of income whilst the machinery or equipment is repaired. This loss of income can also often be covered by a Machinery Breakdown Insurance Policy.
Who needs to take out machinery breakdown insurance
Any business with complex mechanical, electrical, electronic and pressure equipment should consider whether Machinery Breakdown Insurance is suitable to cover the unexpected costs associated with a breakdown. Some of the common Machinery covered by a Machinery Breakdown Policy includes Air Conditioning Units, Cool Rooms, Boilers, Pressure Vessels, Conveyor Belts, Canning / Bottling Lines and Food Processing Equipment.
Deterioration of Stock is also another big consideration for businesses, especially those in the Food or Beverage Industry. Machinery Breakdown covers can include an optional Deterioration of Stock cover which will cover the cost of stock lost or damaged following a breakdown. The values of this stock can be exceptionally high and whilst the repair cost to your Machinery may be low the cost to replace lost stock can be many times higher.
Does Atlantic Insurance assist with claims?
Atlantic Insurance do not see claims as an interruption to our workflow, we see them as an opportunity to highlight our value. When assessing Machinery Breakdown claims, insurers will rely on reports provided by a businesses repairer and also those appointed directly by themselves. With settlement negotiations often formed around wear, tear and gradual deterioration we see our role as your advocate to highlight what repair / replacement costs should be considered as part of a claim.
Where there is likely to be downtime to your business, our experienced Client Managers expertise with Business Interruption claims can be very valuable in maximising your settlement.
What policy extensions / endorsements may be relevant to consider?
- Business Interruption / Loss of Income
- Additional increased costs of working
- Loss of Rent
- Deterioration of Stock
- Expediting Expenses
- Temporary Hire Costs
- Additional Equipment Upgrades and Green Costs
- Denial of Access
- Unspecified Suppliers & Customers Premises
- Contractual Fines & Penalties
- Electronic Data Restoration
- Professional Fees
