Machinery Breakdown Insurance
Have peace of mind knowing covered for certain repairs and replacement costs, as well as any loss you face as a result of machinery breakdown, such as spoiled goods or loss of profits.
What is Machinery Breakdown Insurance?
Machinery breakdown insurance policies can be tailored to your business needs, but typically cover:
Repair or replacement costs following breakdown
Loss of profits following a breakdown
Costs resulting from spoilage of goods after a breakdown
Temporary hire costs for equipment to keep the business running
Costs arising from temporary repairs and the expedition of permanent repairs or replacement
Items a machinery breakdown insurance policy can cover, includes but is not limited to:
Coverage, benefit limits and exclusions may vary. Always refer to the Product Disclosure Statement (PDS) or speak to your broker for detailed policy terms.
Understanding Machinery Breakdown Insurance
Premiums vary based on the type and value of machinery, business activity, repair history, and coverage options selected.
Machinery Breakdown Insurance is important for businesses that rely on specialised equipment or large-scale machinery. It is commonly held by manufacturers, processors, and commercial kitchen operators.
Notify your NQIB broker promptly and provide details such as the breakdown event, photos, maintenance logs, and repair quotes. Your broker will assist with claim lodgement and communication with the insurer.
Machinery Breakdown Insurance is commonly paired with:
- Industrial Special Risks Insurance
- Business Interruption Insurance
- Contract Works Insurance
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We work with you, so you have the confidence and peace of mind that come with understanding how you are protected by insurance.