Machinery breakdown
Machinery breakdown is defined in insurance terms as 'sudden and unforeseen damage', necessitating repair or replacement before working can be resumed, resulting from:
- Defects in materials, design, construction, erection or assembly
- Fortuitous working accidents such as vibration, maladjustment, loosening of parts, defective or accidental lack of lubrication, water hammer or local overheating
- Excessive or insufficient electrical pressure, failure of insulation, short circuits or the effect or arcing, or the effects of static electricity'
The costs you could be exposed to because of this are:
- The cost of replacement of large items of mechanical equipment following breakdown, where there are no spare parts available or where the breakdown is so extreme there is a total loss
- The cost of repair of machinery and equipment
Our team can help assess your risks and provide coverage to help mitigate them.
As part of our fact finding exercise we will establish:
- A list of the key machinery items, detailing value, age and manufacturer
- The new replacement value of these items
- A description of each item. For example: its function, its capacity, its operating parameters, mechanical details and the name of the manufacturer
- Details of general maintenance procedures (predictive / preventative), availability and list of spare parts / stocks and on-site repair facilities / workshops
- The time anticipated to replace the item
- The effect on overall plant operation resulting from a machinery breakdown incident on each of the items
- Details of manufacturers' guarantees in force at commencement of operation
- Loss record covering the previous five years and details of any deductibles applying at the time of loss