Property insurance
Insurance of machinery and mechanical equipment
Aside from damage caused by natural disasters, which are covered within the scope of fire and general insurance, machinery and mechanical equipment can be damaged or destroyed during the course of their operation due to many other serious factors which are the subject of machinery insurance.
Most common among these causes are:
- an error in construction, a defect in the material or a manufacturing error
- over-pressure, or under-pressure, of steam, gas or liquid
- the fall or entry of a foreign object
- an electrical short or other electrical current incident
- the malfunction of measuring, regulatory or security equipment
- improper service, clumsiness, inattention, carelessness
Economically significant technical equipment is most often insured in this manner, as its damage or destruction would have a significant economic impact on the financial operations of the company.
