Major Classes of Insurance
Machinery Breakdown Insurance
It covers boilers, pressure vessel, economizers and related plant when they suffer any unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion tearing apart of centrifugal force, short – circuit, storm etc.
Excess or deductible, wear and tear, fire, existing damage before the commencement of policies, willful act, consequential loss. For more details you can refer to the policy document.
Usually one year or less than one year.