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Get Machinery & Equipment Insurance Today!
Don’t let unexpected damages disrupt your operations. AskCover help you find the comprehensive coverage for your valuable machinery and equipment.
What is Machinery and Equipment Insurance?
Don't let a broken machine break your business.
Machinery and Equipment Insurance, also known as equipment all risk insurance, protects your vital factory and worksite equipment within Malaysia. This insurance covers loss, damage or destruction of the property consisting of Non-Mobile or Static Machinery & Equipment. You can choose to insure specific unit of machinery or all of your equipment, at one location or across multiple sites.
Think of machinery & equipment insurance as a coverage for your machines, similar to comprehensive motor insurance for your vehicle. It focuses on covers sudden and unforseen accidental physical loss or damage to plant and machinery of every kind (except those specifically excluded in policy).
Why You Need Machinery & Equipment Insurance
Machinery & Equipment comes with a heavy price tag, but you don’t have to bear the burden alone.
Equipment breakdown expenses can be substantial, with breakdowns occurring frequently enough to pose a significant financial threat to your organization. Business property or fire insurance generally excludes coverage for equipment accidents, particularly considering the specific causes of equipment malfunctions. This underscores the necessity of machinery and equipment insurance to address these less common yet impactful risks.Who Needs Machinery & Equipment Insurance
Businesses that depend heavily on their tools and equipment to keep their operations running smoothly can benefit from machinery & equipment insurance. This type of coverage allows your business to minimise the physical loss/damage shall the equipment is stolen or damaged.
This insurance is particularly beneficial for these types of businesses:
Construction Businesses
Contractors / Sub-Contractor Businesses
Manufacturing Factory
Heavy Equipment Rental / Trading
What Machinery & Equipment Can We Find Cover For?
We understand that every unit of machinery own by client that requires Machinery & Equipment Insurance is unique, and therefore we strive to secure coverage for a wide range of plant and machinery items, encompassing but not restricted to the examples provided below.
Our coverage options are comprehensive, so we encourage you to reach out to us today to inquire about the possibility of including your specific plant, machinery, and equipment under one of our coverage.
This list doesn’t include all insurance company offerings. Coverage may vary between insurance companies, with some offering coverage and others not. Just contact us now, we will check with a few insurance companies to see their coverage offer.
Machinery & Equipment Insurance Coverage
- Accidental collision or overturning
- Collision or overturning resulting from mechanical breakdown or wear and tear
- Fire, external explosion, self-ignition, or lightning
- Burglary, housebreaking or theft
*Duration of cover is for twelve (12) months. You need to renew the Policy annually.
How much premium do I have to pay?
The total premium payable may vary depending on the sum insured, occupation or nature of business, building construction, insured property, claims experience and underwriting process.
The sum insured comprises the equipment and machinery list, along with repair or replacement costs, based on the insured value for partial or total losses.
Consult our senior business consultant for guidance on calculating insurance premiums and the sum insured for this policy.
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Interested with machinery & equipment insurance?
Click buttons below to contact us now OR just fill in your details at form below, our senior business consultant will contact you as soon as possible.
what makes us different
Why Choose Ask Cover for Your Machinery & Equipment Insurance?
Comprehensive Coverage
Protects against a wide range of risks, including accidental collision, overturning, fire, theft, and electrical damage.
Competitive Rates
Get affordable premiums tailored to your specific equipment and needs.
Fast & Easy Claims
Streamlined claims process minimizes downtime and gets your equipment back online quickly.
Dedicated Support
Our team of experts is here to assist you throughout the entire process, from quote to claim.
FAQ
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What are the major exclusions under this Policy?
This Policy does not cover : –
- Loss/damage arising from war, terrorism and nuclear risks;
- Equipment licensed for road use and for which a Certificate of Motor Insurance is required;
- Equipment operating on board any waterborne vessel unless approved by us;
- Loss/damage due to overloading or strain;
- Loss/damage due to the willful or dishonest act of the Insured’s employees or any person to whom the equipment is entrusted;
- Loss/damage caused by depreciation, mechanical or electrical breakdown/failures/breakages or wear and tear;
- Loss/damage caused by the operator who is under the influence of alcohol or drugs
Note: This list is non-exhaustive. Please contact Ask Cover for the full list of exclusions
Can I Cancel The Policy?
You may cancel your Policy by giving Ask Cover / your insurance company a written notice.
What are some of the key terms and conditions that I should be aware of?
Duty of disclosure : You must disclose all material facts which you know or ought to know which would affect insurer underwriting consideration of your proposal, such as your insurance and loss history, any change in occupation of your building etc
You must ensure that the proposal form is completed accurately as it forms the basis of your insurance contract.
- Sum Insured – You must ensure that your machinery is insured at current market value.
- Excess – This is the amount you have to bear before insurance company indemnify you of a loss.
How do I make a machinery & equipment insurance claim?
You must notify Ask Cover / insurance company in writing with full details within 24 hours.
How do i get machinery & equipment insurance?
To get a machinery & equipment insurance, please contact us or fill in our quote form above, and one of Ask Cover senior business consultant will be in contact to discuss your company’s aims and needs and design a policy that will help to meet them. When you’ve chosen your policy, we’ll process all of the information you have provided us with and your cover can, at your request, start straight away.
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