Machinery & Equipment Insurance In Thailand

What is Machinery & Equipment Insurance?

Machinery & Equipment Insurance in Thailand offers essential protection for both dynamic rotating equipment and static machinery, whether they are in active operation or at rest. This comprehensive coverage extends beyond the conventional safeguards, providing financial security against an array of potential risks. The policy is designed to encompass instances of mechanical and electrical breakdown, ensuring that repair or replacement costs are covered in the event of unexpected failures.

Furthermore, the insurance coverage also extends to safeguard against human error and negligence, recognizing that operational mishaps can contribute to equipment breakdowns. This broad spectrum of protection ensures that your business is shielded not only from the inherent mechanical and electrical challenges but also from the unpredictable aspects of human factors that may impact the functionality of your machinery and equipment.

With Machinery & Equipment Insurance, you can confidently navigate the complexities of industrial operations in Thailand, knowing that your vital assets are covered against a diverse range of risks. This proactive approach not only safeguards your financial interests but also contributes to the continuity and efficiency of your business operations, promoting resilience in the face of unforeseen challenges.

Machinery & Equipment Insurance is against unforeseen and sudden physical damage to the insured machinery from causes such as:

• Faulty material, design, construction, erection
• Vibration, maladjustments, malalignment
• Defective lubrication, loosening of parts, molecular fatigue, self heating, explosion due to internal pressure, implosion due to external pressure or internal vacuum, abnormal stress, centrifugal force.
• Excessive electric pressure, failure of insulation, short circuit, open circuit, or arching including damage by internal fire so set up.
• Failure of connected machinery or protective devices.
• Lack of skill, carelessness or malice of persons, whether insured employee or not.
• Falling, impact, collision and the like.

What is covered with Machinery & Equipment Insurance?

Machinery & Equipment Insurance provides comprehensive protection against a range of risks associated with both rotating and static equipment.

The coverage typically includes:

Mechanical and Electrical Breakdown: Protection against the financial consequences of unexpected mechanical and electrical failures in machinery and equipment, covering the costs of repairs or replacements.

Human Error and Negligence: Coverage extends to instances where breakdowns result from human error or negligence during the operation, maintenance, or handling of the machinery and equipment.

Operational Risks: Safeguards against disruptions caused by operational risks, ensuring that your business is financially protected if machinery fails to perform due to unforeseen circumstances.

Downtime and Business Interruption: Some policies include coverage for business interruption, compensating for the financial losses incurred during downtime resulting from machinery breakdowns.

Repair and Replacement Costs: The insurance typically covers the expenses associated with repairing or replacing damaged machinery and equipment, helping to minimize the financial impact on your business.

Auxiliary Equipment: Coverage may extend to auxiliary equipment that supports the functioning of primary machinery, offering a more comprehensive protection umbrella.

Testing and Commissioning: Insurance may cover costs related to testing and commissioning of repaired or replaced machinery to ensure it meets operational standards.

Transit Coverage: Some policies include coverage for machinery and equipment during transit, protecting against damages that may occur during transportation.

External Perils: Protection against damages caused by external perils such as fire, natural disasters, or other unforeseen events that may impact the machinery.

It’s crucial to carefully review the terms and conditions of a Machinery & Equipment Insurance policy to understand the specific coverage provided, exclusions, and any additional options available to tailor the policy to the unique needs of your business.

If you are setting up a new business that deals with heavy machinery, Machinery & Equipment Insurance for Thailand companies is a must. Replacing parts or having to buy brand new equipment can be expensive and time consuming.

Thailand Insurance Service has helpful experts to talk with from Monday to Friday who can advise you on what policies your business needs to protect it from any issues that may arise.