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)
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 basically an accident insurance and cannot be construed as a "life insurance" for machines. This is because machines have only a limited life span due 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