This policy bears all financial loss which arose from damage caused to machinery due to accidental or electrical / mechanical breakdown and can also be due to human errors or negligence.
How to claim for machinery insurance?
Inform the Insurer and submit documents required for process as suggested by insurance company you choose.
- Submit correctly filled claim form along with below documents.
- Details in case of an accident.
- Serial numbers of damaged or lost machinery in assets register.
- New replacement value(quotation and invoice from supplier).
- Repair estimate from repairer in case the machine is under repair.
- If its comes under warranty , then a copy of proof to justify the same.
- Cold storage like refrigerators then details of products stored.
- Date of installation and erection report including test reports.
- Subsidies and tax credits if received from government.
- Insured machinery for which sum is insured should represent present day purchase value if there is a replacement similar new machine.
- Also incidental expenses like custom duties,taxes,freight,insurance charges, handling charges etc. should be put forward validation and consideration.