MIRABILIS offers a fully comprehensive range of Engineering Insurance Products as follows:
- Contractors' All Risks Insurance (CAR)
- Engineering Project Insurance Cover (EPIC)
- Advance Loss of Profits Insurance (ALOP)
- Contractors' Plant and Equipment Insurance (CPE) / Plant All Risks Insurance (PAR)
- Machinery Breakdown Insurance (MB)
- Loss of Profits following Machinery Breakdown Insurance (MLOP)
- Deterioration of Stock Insurance (DOS)
- Electronic Equipment Insurance (EEI)
- Business Interruption following Electronic Equipment Insurance (EEI BI)
- Civil Engineering Completed Risks (CECR) Insurance
- Seamless Project Insurance
Machinery Breakdown Insurance (MB)
Machinery Breakdown (MB) insurance offers protection against sudden and unforeseen physical loss or damage to machinery which has been erected and is operational or at rest. It is accident insurance for machines, for internal breakdown or derangement. Machines have a limited life span as they are exposed to wear and tear: therefore, machinery owners must depreciate their machines annually and establish reserves for replacement.
Following an insured event, the policy pays for all repair costs, provided the cost of repair does not exceed the actual value of the machinery at the time of the loss. In the case of a total loss (i.e. whenever the repair costs exceed the actual value of the machinery), the actual value is indemnified.
The main causes of damage covered under MB policies include: fortuitous working accidents; a machine's tearing apart due to centrifugal force; short circuits; defects or faults in design, material or manufacturing and incorrect operation.Download Proposal Form