Machinery Breakdown Insurance

The usage and proper maintenance of machinery are important for businesses as these equipments plays a huge role in ensuring that the daily operations of businesses run smoothly as well as for catering the needs of the customer.

However, these are subjected to a risk of breakdown which may result in delay or shutdown of work. Machinery breakdown insurance provides a mean of reducing losses arising from such a situation.

Machinery breakdown insurance will cover sudden and unforeseen damage to the insured machinery, plant or equipment whilst either at work or at rest and during cleaning, maintenance, overhauling, inspection or removal to another position within the premises. It will exclude gradual damage and loss from any cause which are foreseeable.
 

What is covered?

Some of the perils which are covered are :

  • Electrical or mechanical breakdown
  • Faulty material, design, construction and erection
  • Vibration, mal-adjustment and misalignment
  • Loosening or parts and effective lubrication
  • Excessive electrical pressure and insulation failure
  • Short circuits or arcing’
  • Carelessness or lack of skill 

Next Steps?

News and Updates

  • Ayady Takaful commences “2017 Surplus Distribution”

    Allied Islamic window; Ayady Takaful holds a press briefing session regarding “Distribution of Surplus” for the year 2017. As announced at Allied Special Event 2019, Ayady customers can submit claim forms till 31st March 2019, 4pm. Surplus application forms will be available online from Ayady website; www.ayady.mv as well as from Ayady Customer front office located in H.Orchid (In front of Velaanaage)

    February 11th, 2019
  • Allied Insurance Company welcomes New Managing Director Mr. Mohamed Shafaz

    State Trading Organization plc appoints Mr. Mohamed Shafaz as the new Managing Director of Allied Insurance Company of the Maldives, effective from 31st January 2019. The appointment was made following the resignation of former Managing Director Mr. Ahmed Ameel, owing to familial responsibilities.

    January 31st, 2019
  • Allied Insurance Company marks 34th Anniversary in Special Event 2019

    The leading insurer of the Maldives; Allied Insurance Company holds the 3rd edition of Special Event to celebrate their 34 years of dedicative service. This ceremony held in Dharubaaruge on the 30th of January 2019 was honored by the Chief Guest; Governor of Maldives Monetary Authority Mr.Ahmed Naseer, other high level dignitaries/ government officials, Agents/ Brokers and corporate clients of Allied Insurance Company.

    January 30th, 2019