Machine Tool Protection Packages
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In order to acquire the most suitable finance package, it may be in order to consider other services available. It is possible to arrange for the following types of cover:
Machinery Damage and Breakdown Cover
To protect against sudden and unforseen mechanical or electrical failure, loss or damage to new, reconditioned (minimum six months parts and labour warranty) and used (provided it is on finance) machinery. To protect the machine against accidental damage. To protect against an operator causing damage to the machine or accidental damage. A daily compensation rate up to £750.00 is payable for machines out of commission for more than 24 hours. The compensation amount is dependent on the value of the machine covered. Expediting costs such as overtime payment and emergency temporary repairs are covered which could ensure a lesser impact on productivity. Could pay for repair and meet the finance payments should the machine be unusable after 15 days. This helps to minimise the impact on and could ultimately help to protect your cash flow. Fixed cover, fixed price for up to 60 months - no further increases in cost irrespective of claims.
Eligibility |
New Machine Tools |
Period |
84 months maximum |
Cover |
Mechanical and/or electrical breakdown
Accidental damage
Operator Error
Reimbursement of parts & labour costs necessary to effect the repair Total loss - Closeguard provides for the full replacement value of a replacement machine Temporary repairs I Expediting Costs - e.g. airfreight / overtime - up to 50% of normal repair costs Finance payment cover - paid if machine is out of action for 5
consecutive days or more Cover transfer - policy transferable on sale of machine Daily compensation rate - see details below
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Sums insured |
Accidental Damage & Breakdown
Liability limited to £2,500,000 in respect of any one incident / series of incidents
Rentals
Six months or repair time (whichever is less) to a maximum of £10,000
Daily Payments
In the event of damage to insured machine resulting in the machine being out of service for more than 24 hours, the Insurer will pay to the Insured daily payments at the rate shown below:
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Daily Payment Schedule
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Maximum period of daily payments is 6 months
from the date of incident. |
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Machine Purchase Price |
Daily Payment |
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Up to £100,000 |
£100 |
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£100,001 to £250,000 |
£175 |
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£250,001 to £500,000 |
£375 |
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£500,001 to £1m |
£750 |
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£1m+ |
£1,000 |
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Excess |
The first £250 of each claim
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Principal Exclusions |
Losses provided for under the manufacturers warranty/guarantee
Consequential loss
Abuse, mistreatment, wear and tear, fire, theft
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Keyman Cover
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