Plant All Risks Insurance Policy cover for plants and machinery against unforeseen physical loss or damage that may arise from the occurrence of perils that are not specifically excluded from the cover.
Some of the perils excluded include loss or damage caused by:
- Mechanical or electrical failure or over-heating of the insured plant
- Loss or damage to any item due to its own explosion
- Depreciation
- Wear and tear
- Gradual deterioration
- War, civil war, mutiny or military insurrection
- Infidelity or dishonesty of the insured's employees
- Consequential loss
Basically, the policy covers for fire and accidental damage to the insured plant including theft and burglary. Cover is applicable to the Machinery described in the insurance schedule while in operation or at rest, being dismantled for the purpose of cleaning or inspection or removal to another working location.