Machinery Breakdown Insurance
An organization wins a valuable contract, but the delivery schedules are tight and the penalties exacting. Just when everything is going according to plan, something unexpected happens… an employee accidentally inserts the wrong tool and the machine comes to a grinding halt. In such circumstances, Century’s Machinery Breakdown Policy provides the ideal safeguard for the organization.
The policy broadly covers loss due to all kinds of sudden accidental, electrical and mechanical breakdowns. The Insured is covered during the time the machinery is in operation or at rest or in the process of being dismantled, overhauled or during subsequent re-erection at the same premises.
If specifically requested, it can also cover the machinery foundations, masonry, brickwork as well as oil in transformers from unforeseen and sudden physical loss or damage.
Loss of Profit following Machinery Breakdown
Consequential losses following a breakdown of machinery, plant or equipment due to a sudden or unforeseen event can sometimes be worse than the extent of the physical damage. Production and business operations may cease. However, fixed expenses such as salary, wages, interest on capital, rent, etc will continue to be incurred, resulting in a loss of gross profit and possibly increased cost of working during the interruption period.
Century’s Machinery Loss of Profits following Machinery Breakdown Policy protects the insured by indemnifying the loss in gross profits and the increased cost of working during the interruption period in such contingencies as stated above. The Machinery Loss of Profits Policy can only be issued when the machinery breakdown cover is in place.
Boiler and Pressure Vessel Insurance
Extreme temperatures and intense stresses in boilers and pressure vessels demand the highest level of expertise and care. It’s an environment where even a smallest mistake can result in equipment failure and significant replacement costs. Century’s Boiler and Pressure Vessel Insurance in addition to the boiler or pressure vessel itself, covers any damage to an expensive plant or damage to the property of or bodily injury to a third party in the event of explosion or collapse of the boiler or pressure vessel.
The Boiler and Pressure Vessel policy covers boilers of various kinds, pressure plants and vessels under pressure, including fired and unfired, against loss and / or damage due to explosion or collapse.
Electronic Equipment Insurance
Expensive, fragile, vulnerable, critical! Makes us think how a business would run without electronic equipment. The world today is increasingly more interconnected and the electronics revolution has been at the forefront, dramatically changing the way everyone works and does business. Just imagine the consequences if the computers and other electronic equipment were irreparably destroyed. The answer lies in Century’s Electronic Equipment Insurance Policy. It’s just the safeguard needed to cover the assets so vital to keeping a business functioning smoothly.
The policy provides comprehensive coverage for the Insured’s electronic equipment. It includes physical loss or damage to all electronic equipment, as well as the increased cost of working resulting from an accidental and unforeseen physical loss or damage to the electronic equipment.
Contractor’s All Risk Insurance
A construction site can be a magnet for accidents, loss from theft or damage, legal claims and more. Century’s Contractor’s All Risk Insurance covers almost all types of risks during construction. It includes physical loss or damage to property, plant, machinery and tools, works brought on to the site and temporary works erected on site, as well as third party liability arising out of work conducted on the site.
The policy is designed to cover civil engineering projects such as buildings, roads, airports, flyovers, water tanks, sewage treatment plants, etc.
Unless specially excluded, this “all risk” insurance covers accidental physical loss or damage to contract works during the execution of a civil engineering project.
Coverage begins from the commencement of work or after unloading of the first consignment at the project site, whichever is earlier, and terminates on handing over of the works to the principal or on expiry of the policy, whichever is earlier. Coverage can be extended to include the interest of suppliers / manufacturers, contractors and subcontractors.
Erection All Risk Insurance
Every time an organization undertakes a project that involves storage and setting up of equipment, moving or expanding a facility, or dismantling and re-constructing it, it leaves the organization open to significant risk.
Century’s Erection All Risk Insurance helps protect against just this kind of scenario. The comprehensive nature of its coverage makes it the ideal solution for diverse needs, whatever the risk the organization wants to insure.
This policy is an “all risk” insurance for storage, assembly / erection, testing and commissioning of the following types of activities. Unless specifically excluded, it provides comprehensive cover for:
• Setting up a new project / individual machines.
• Expansion of an existing project.
• Dismantling and re-erection of an existing facility.
The interests of suppliers, manufacturers, contractors as well as subcontractors can be included in the policy. Cover begins from the time of unloading of the first consignment at the project site and terminates on completion of testing or handing over of the project to the principal, or the period chosen, whichever is earlier.
Contractor’s Plant and Machinery Insurance
On a construction site, it’s the equipment that has the toughest job. Hauling materials, excavating earth and debris, generating power almost round-the-clock….But even the most heavy-duty machines can be damaged causing heavy losses to an organization. Century’s Contractor’s Plant and Machinery Insurance is the hassle free way to protect the Insured’s investment and minimize repair costs.
The policy broadly covers loss or damage to the contractor’s construction mobile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an accident arising out of external perils. The cover is operative while the insured property is at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or during subsequent re-erection.