Machinery Breakdown
Keep your operations running with Equipment/Machinery Breakdown Insurance - reliable protection for unexpected mechanical failures.
In a technology-driven world, businesses rely heavily on machinery, electronic equipment, and computers to keep operations running smoothly. However, unexpected malfunctions, breakdowns, or failures can disrupt your business and lead to significant financial losses. That's where Electronic & Machinery Breakdown Insurance comes to the rescue.
Key Coverage Areas:
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Machinery Breakdown: This insurance provides coverage for losses, destruction, or damage to machinery caused by various factors, including mechanical, electrical, electro-mechanical, electronic, or hydraulic malfunctions, failures, derangements, breakdowns, or non-operation. It ensures that your vital equipment can be repaired or replaced promptly.
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Refrigerated Stock Protection: Businesses in industries like food and pharmaceuticals rely on refrigerated chambers to store temperature-sensitive products. This insurance can be extended to cover losses or damage to refrigerated stock resulting from temperature fluctuations due to specified risks or contamination from the accidental release of refrigerant gas or liquid.
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Computer & Electronic Equipment: With the increasing reliance on computers and electronic equipment, any breakdown can result in downtime and financial losses. Electronic & Machinery Breakdown Insurance covers the breakdown of computers and other electronic devices, ensuring that your business can resume operations swiftly.
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Data Restoration: In the event of equipment breakdown, data loss can be a significant concern. This insurance can include coverage for the costs associated with restoring lost data, helping your business recover valuable information and maintain continuity.
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Additional Costs of Working: To minimise disruptions and keep your business running during equipment downtime, this insurance can cover the extra expenses incurred beyond normal operating costs. It ensures that you can continue serving your customers without incurring excessive financial burdens.
Why Choose Electronic & Machinery Breakdown Insurance:
Investing in Electronic & Machinery Breakdown Insurance is a proactive step to protect your business from the financial consequences of unexpected equipment failures. It offers several benefits:
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Business Continuity: With quick access to funds for repairs or replacements, you can minimise downtime and maintain business continuity.
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Financial Security: This insurance safeguards your business assets and finances by covering the costs associated with machinery breakdowns and electronic equipment failures.
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Data Protection: Protecting your valuable data is crucial in today's digital age. With coverage for data restoration, you can recover lost information swiftly.
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Cost Efficiency: Rather than bearing the full financial burden of repairs, replacements, or equipment restoration, this insurance spreads the costs and provides financial relief.
To discuss how Electronic &/or Machinery Breakdown Insurance can be tailored to your business's specific needs and risks, contact Intuitive. Our team of experts is dedicated to helping you secure your business assets and maintain uninterrupted operations, no matter what challenges arise.
Why trust Intuitive Insurance Solutions to deliver the best outcome for your Machinery Breakdowns?
Expert Advice
We work for you, not the insurer. Our expert team are dedicated to tailoring insurance programs to your unique needs and negotiating the best possible outcomes on your behalf.
Transparency
We firmly believe in full transparency when it comes to remuneration. We understand that trust is built on open and honest communication. That's why we are committed to providing visibility in all aspects of compensation. With us, you'll always know where you stand, ensuring a relationship founded on trust and fairness.
Market Access
Claims Advocacy
We take care of the process, helping you achieve the best possible outcome by working closely with you and the insurance company throughout. We keep you informed every step of the way.
Insurance is what we do, but what do we do for you?
Understanding our clients and their needs is critical to our success. By taking the time to understand your business and objectives we can save you time, money and provide greater certainty on what your insurance program covers. We aim to make your life easier by delivering truly intuitive insurance solutions.
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What is a claims-made policy and how does it differ from an occurrence-based policy?A claims-made policy covers claims that are made (or reported) to the insurer during the policy period or an extended reporting period. The key factor is when the claim is reported, not when the incident occurred. On the other hand, an occurrence-based policy covers claims that arise from incidents or events that occur during the policy period, regardless of when the claim is reported. The key factor in this case is when the incident took place and not when it is reported.
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What is a retroactive date?A retroactive date is applied to claims-made policies and defines how far back in time a breach of professional duty can occur for your policy to respond. As an example, consider that a professional purchases a PI policy on January 1, 2023, and a retroactive date of Inception is applied (i.e., January 1, 2023). This means that the insurance policy will cover claims or legal actions arising out of professional services provided on or after January 1, 2023.
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What is meant by costs inclusive versus costs exclusive (limit/excess)Where a limit of liability is described as costs inclusive, this means the limit afforded includes both the indemnity (the compensation amount paid to a claimant) as well as the costs and expenses incurred in defending the claim. Conversely, a costs exclusive limit of liability applies to the amount paid to the injured party only (indemnification), and costs and expenses are paid in addition by the insurance company (often capped). A “costs inclusive excess” (or deductible) means that the excess amount applies to the total costs associated with a claim, including legal expenses, damages, and other related costs. In this case, the policyholder is responsible for covering these costs up to the excess amount, and the insurance company will start paying once the costs exceed the excess. Under a “costs exclusive excess”, the deductible or excess amount only applies to the indemnity portion of a claim. Legal defence costs are typically covered separately, and the policyholder doesn't need to pay the excess for these costs. Instead, they are covered by the insurance company from the outset.
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What is contractual liability and why is it important?Contractual liability in professional indemnity insurance refers to the responsibility that professionals might take on through contracts with their clients. This includes how this liability is covered in a professional indemnity insurance policy. Professionals often sign contracts with their clients when they provide services. These contracts spell out the professional's duties, the work's scope, deadlines, and even clauses about protection. When professionals buy professional indemnity insurance, it can cover them for contractual liabilities, as long as these liabilities come from events listed in the insurance policy. This coverage can be broad or limited to professional mistakes or negligence. It's crucial to understand the terms and conditions of your insurance policy. Some policies might not cover certain types of contract-related liabilities. If a client or someone else sues the professional, claiming a contract breach or professional error, the professional indemnity insurance policy comes into play. The insurance company will typically investigate the claim and, if it's valid, provide coverage for legal expenses. If necessary, it can also cover any settlements or damages awarded.
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What are territorial and jurisdictional limits and how are they different?Territorial limits define the geographical area or region where the insurance policy provides coverage for work performed. This means the insurance policy specifies the locations or countries within or from which services can be supplied. Jurisdictional limits relate to geographical area or regions the policy will respond to claims brought within the court system. This means the insurance policy specifies the locations or countries within which legal action can be heard. In summary, territorial and jurisdictional limits relate to the physical locations or regions where the insurance coverage is valid, and you should ensure these extend to all locations where you carry out work or clients are based.
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What is the difference between a limit reinstatement and aggregate limit:On face value, a limit of indemnity with 1 reinstatement and a limit of indemnity with an aggregate of double the limit may seem the same, but they work differently. Reinstatement: If you have a policy with a reinstatement, the insurer restores the full limit of indemnity after a claim, even if it's partially used. The limit will only be reinstated the number of times specified on the policy. Aggregate Limit: With an aggregate limit, your coverage is reduced by the actual claims made. It provides unlimited reinstatements it is fully exhausted, providing more certainty of the level of coverage afforded.
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Can an additional insured be added to the policy?In many cases, it is necessary to include an additional insured on your insurance policy, thereby extending liability coverage to this party. Such requests frequently originate from parties with a vested interest in your operations, including contract manufacturers, subcontractors, vendors, and other partners within your supply chain. This practice is common in business relationships where one party seeks protection from the potential liabilities of the other party.
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What are the implications for adding an additional insured party?Adding an additional insured party to an insurance policy carries certain implications that are important to understand. An additional insured typically enjoys similar rights and responsibilities as the primary policyholder. This means that they can often file a claim directly against the policy and have access to the policy's coverage limit. However, it's crucial to note that if a claim is made against both the primary insured and an additional insured, it can deplete the liability limit more rapidly, potentially leaving the primary policyholder with insufficient protection.
