Saudi Indian Company for Co-operative Insurance (SICCI) is a joint stock company established in the Kingdom of Saudi Arabia as per Royal Decree No. M60 dated 18/09/1427H. SICCI is a joint venture between Fawaz Al Hokair Group of Companies, KSA, Life Insurance Corporation of India, The New India Assurance Company Limited, India and Life Insurance Corporation (International) B.S.C.(c), Bahrain
This Policy provides you cover against damages due to accidental, electrical and mechanical breakdown of plant & machinery
Policy Details
1. Cover is available during the time machine is in operation or rest or during dismantling for cleaning & subsequent re-erection.
2. Breakdown can occur due to internal and / or external causes. Some of the commonly known internal causes are:
3. Sum Assured: Sum insured of a machine under this insurance must be its current day replacement value of a similar new machine including incidentals like duties, freight, taxes, insurance cost, etc. In the event of under-insurance, Insured has to bear reteable proportion of loss.
4. Loss settlement is subject to condition of average
5. Optional covers also available for:
a. Third Party liability
b. Damages to foundation of machinery
c. Express Freight / overtime in the event of claim
2. Breakdown can occur due to internal and / or external causes. Some of the commonly known internal causes are:
a. Damages due to faulty material, design faults, defects in casting, overheating of parts, failure of operation of safety devices, short -circuits, etc.
b. External Causes may include: Failure of connected machinery, lack of skill in operation, entry of foreign bodies, etc.
b. External Causes may include: Failure of connected machinery, lack of skill in operation, entry of foreign bodies, etc.
3. Sum Assured: Sum insured of a machine under this insurance must be its current day replacement value of a similar new machine including incidentals like duties, freight, taxes, insurance cost, etc. In the event of under-insurance, Insured has to bear reteable proportion of loss.
4. Loss settlement is subject to condition of average
5. Optional covers also available for:
a. Third Party liability
b. Damages to foundation of machinery
c. Express Freight / overtime in the event of claim
Exclusions to Machinery Insurance Policy:
1. Loss / damage to exchangeable tools or parts subject to wear/tear
2. Loss/ damages operating media - e.g. lubricants, fuels
3. Loss/ damage due to Fire & Allied perils
4. Consequential Losses / Pre-existing damages
5. Damages for which original manufacture / supplier is responsible
6. War, Civil war, Nuclear- related damages
2. Loss/ damages operating media - e.g. lubricants, fuels
3. Loss/ damage due to Fire & Allied perils
4. Consequential Losses / Pre-existing damages
5. Damages for which original manufacture / supplier is responsible
6. War, Civil war, Nuclear- related damages