Machinery Breakdown Insurance
Machinery breakdown insurance is a type of insurance that covers the repair or replacement costs of machinery and equipment that suffer sudden and accidental breakdowns. It typically provides:
- Coverage for Repair Costs: Expenditures associated with fixing damaged machinery.
- Replacement Costs: Financial support for replacing machinery that cannot be repaired.
- Loss of Income: Compensation for business interruption due to the breakdown, in some policies.
This insurance helps businesses mitigate financial losses and maintain operational continuity in the event of unexpected machinery failures.