Machinery Breakdown Insurance (M.B.) Policy
Machinery Breakdown policy (M.B.) provides material damage cover to machinery, equipment and installations in the specified premises against unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm or from any other cause not specifically excluded from policy cover.
Cover is applicable to insured items after successful completion of their performance-acceptance tests whether they are at work or rest or being dismantled for the purpose of cleaning or overhauling, or when being shifted within the premises or during subsequent re-erection.