MACHINERY/PLANT ALL RISKS INSURANCE

This is to grant industries effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations, and generally called Machinery Breakdown Insurance. 

The Plant All Risks (PAR) cover is basically against fire and accidental external damage to the insured plants or machinery, excluding damage due to machinery breakdown.
By its very nature, machinery breakdown insurance is an all risks accident insurance for machinery supplementing the coverage afforded by fire insurance.
Loss under machinery breakdown insurance is mainly due to one of the following causes:-

  • Faulty design, faults at workshop or in erection, defects in casting and material
  • Faulty operation, lack of skill, negligence, malicious acts
  • Physical explosion, fuel gas explosion in boilers
  • Short-circuit and other electrical causes
  • Shortage of Water in boilers
  • Storm and frost
  • Tearing apart on account of centrifugal causes.

The exclusions are:

  • Fire-lightning, chemical explosion, burglary others
  • Flood, earthquake, landslide, impact or landborne, waterborne or airborne craft
  • Wear and Tear due to usage
  • War or Warlike operations
  • Willful acts or gross negligence on the part of the insured or his representatives
  • Faults or defects existing at the time of commencement or the insurance which ought to have been or were known to the insured
  • Faults or defects for which the supplier is responsible either by Law or under contract
  • Nuclear reaction, nuclear radiation or radio active contamination.

 
SUM INSURED:
The sum insured should always be the replacement value of the insured machinery (value of the new items plus customs duties plus transportation and installation charges).

About Quicklink

Quicklink Insurance Brokers Ltd. is duly registered and licensed by the National Insurance Commission in accordance with the Insurance Act of 2003 to transact insurance brokerage business with a share capital of N50million and N5million fully paid up. As professionals, we have an in-depth knowledge of the Insurance market and know the best companies in terms of efficiency and claims settlement.

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Quicklink Insurance Brokers Ltd.
Corporate Head Office
No 4, Iyaomolere Street,
Ogudu Ojota,
Lagos State,
Nigeria
+2348034072319

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