Did You Know? Existing Defects, Policy Exclusion in Machinery Breakdown Insurance Policy

This article will explain the exclusion Number 5 to the Machinery Breakdown Insurance policy as quoted below: 

The Insurer shall not be liable to the loss or damage caused by any faults or defects that existing at the time of commencement of this policy within the knowledge of the Insured or his representatives, whether such faults or defects were known to the Insurers or not.

Therefore, please make sure if there is any existing defect on the insured machinery prior to being insured, as this will not be a part of the coverage.

Furthermore, kindly review your policy to ensure that the coverage provided is suitable for your need. Shall there is any changes required on the information of your personal details, scope of coverage, or if you need further clarification about the terms and conditions of the policy, please feel free to contact us at 021 - 2523110 and we would be pleased to assists you.