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This policy covers the business for loss or damage to machinery due to covered breakdown causes and the subsequent loss of profits due to the downtime of the machinery. Your company has the option of insuring only the material damage without the loss of profits and there are a number of extensions which can be added to the policy.
a. Material Damage
Cover against sudden and unforeseen physical damage to your machinery
whether at work, rest and during cleaning, inspection, over-hauling, and
removal to another position within the premises. The policy also covers the
actual breaking, distortion or burning out of any part of the machinery while
in use arising from mechanical or electrical defects. This includes the
bursting or sudden collapse of any boilers or pressure machinery insured.
b. Loss of Profits
This section provides cover against loss of gross profit due to business
interruption caused by an accident under section (a). The loss of gross profit
is as a result of reduction in turnover due to decreased production and
increased cost of working.
