In cases where critical machineries are affected, the factory can suffer severe stoppages. The loss of gross profit arising from damage to machinery often far exceeds the cost of repair or replacement whilst standing charges, wages and business expenses continue to be incurred. This policy is designed to indemnify owners against financial loss resulting from machinery breakdown.
This policy must be taken up together with a Machinery Insurance policy.
The policy provides coverages against:
Reduction of turnover
Loss of gross profits
Increased cost of working
Continuing business expenses such as wages paid to employees
..due to a continuing interruption to business caused by a breakdown covered
under Machinery Insurance. Such interruption usually comes in the form of time
spent in arranging repairs, awaiting delivery of repaired or replacement parts
(sometimes from overseas), starting up the plant and re-activating the business.
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