EFL Machine Insurance is a special product which provides cover with reinstatement value. It means in case insured machine gets destroyed or damaged then claim is settled on the basis of replacement cost of the same machine.
New machinery should be of the same make, model, production capacity and of the same quality
In case machine completely gets damaged then customer needs to submit new machine purchase invoice copy or new machine quotations along with the payment details to the insurance company to settle the claim.
If machine gets totally damaged or completely destroyed then customer will get total sum insured value (Cost) of machine deducting only applicable excess of the policy, salvage value (if any) and under insurance amount (if any).
Machinery Breakdown insurance policy is an ideal cover for all kinds of plant and machinery, to cover cost of repairs or replacement of damaged parts as a result of unforeseen and sudden physical damages.
Claim would be settled by reimbursement process.
Immediate repairing or replacement of machine should be done to process damage machines claim.
Machines Make, Model and Serial No would be required at the time of policy issuance.
No insurance company provides standalone cover for MBD policy, hence machine should be covered under machine insurance also.