Provision of Cover
This policy provides cover against breakdown for equipment and machinery situated worldwide (restrictions could apply).
Breakdown: the sudden and unforeseen breaking, distortion, overheating or electrical burnout of any part of the machinery which occurs whilst the machinery is in use, resulting in its immediate stoppage of function or partial stoppage of pre-programmed function and requiring repair and/or replacement before normal work can be resumed.
Benefits
- Repair or replacement costs are paid for the components that have failed
- Fixed premium/cover up to five years: the cover and premium will remain unchanged regardless of the number of claims
- Claims settled in house without the need of a loss adjuster
- Renewable
Type of Machinery
Premium Payment
The premium is payable in full at inception, usually as part of the finance agreement for the machine.
Taxes
Generally, the premiums are subject to local taxes as applicable.
Claims
Claims must be reported as soon as possible and a completed claim form submitted within 30 days of the occurrence. Parts must be retained for possible inspection.
Lloyd’s Complaints Procedure applies.
Cancellations and Refunds
Non-cancellable. Refund of premium if the machine is sold or the customer ceases to trade.
Principle Exclusions
- The policy excess
- Consequential loss
- Machines hired or loaned out (only fixed machinery)
- Theft or attempted theft
- Loss or damage caused by fire, lightning, aircraft, explosion or accidental damage
- Wear and tear, gradual deterioration, rust or corrosion, intentional overloading, testing or commissioning
- Loss or damage covered under a manufacturer’s warranty or another party’s warranty or guarantee
- Serial loss defects clause
Terms and Conditions apply.
These policies are underwritten by CNC Asset as agent of certain underwriters of Lloyd’s.
CNC Asset is an approved Lloyd’s Coverholder.
Tecnirisk operates as CNC Asset Portfolio Manager for Spain and Portugal
For more information please contact us.