Posts Tagged ‘Comprehensive machinery (CM) insurance’

Comprehensive machinery (CM) insurance – wordings & clauses (download here)

Comprehensive machinery (CM) insurance   Section 1 . Operational material damage   Section 2 . Operational business interruption   Schedule   Comprehensive machinery (CM) insurance – Endorsements   Full story

Comprehensive machinery (CM) insurance

The trend in recent years has shown that more and more insureds are looking for “all risks” cover. Demand for classic “all risks” insurance with different independent policies is falling in the market as it offers insufficient clarity as far as gaps in cover and overlapping cover are concerned.   Main features of comprehensive machinery insurance   The new policy offers “all risks” cover of a predominantly engineering nature, particularly against machinery breakdown, fire, lightning and chemical explosion, as well as natural perils for the entire insured plant, with only a few property exclusions and excluded perils. In addition, optional business interruption cover can also be granted in respect of loss of profits, including increased cost of working, or in respect of specified standing charges (Section 2 of the policy). The cover is clearly described and easy to understand thanks to its structured content and layout. Important definitions are given at the beginning. The scope of cover is up to date and comprehensive, and can be adapted to the specific features of a risk by means of a series of clauses.   Full story
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