The major sectors that require machinery breakdown insurance are trade, building, earth-moving, road construction, and mining. Moreover, crane operators, drilling operators, quarry operators, as well as metal recycling plants and waste management businesses too require this type of insurance for an efficient way to protect their machinery and business.
In case of machinery breakdown, the insurance covers:
- costs resulted from repairing/replacing the items
- costs for deterioration of stock caused by the breakdown
- loss of profit resulted from the breakdown
- costs of hiring temporary equipment
- expediting expenses incurred by temporary repairs, expedite permanent repairs or replacement