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Best Tips for Insuring Used Machinery


Used or unused, machines are exposed to a high number of risks. Many times electric issues also damage the functioning of the machinery.  Hence, insurance is essential to cover your machine against risks of accidental damages.  A good insurance plan with affordable premium is best to insure used machines.

Risks to Cover for Machine Insurance


The used machinery of high value requires insurance to avoid huge financial loss. Expensive construction and industrial machines can be insured using the tips shared here. This post explains factors to consider while you purchase insurance for the used machinery.

Risks to Cover for Machine Insurance

The major factor to consider while insuring machine is the risk factor. What are the risks most likely to happen with the machine? Make a list of all the possible risks like a sudden technical failure, accidents, and damage.

Here is a list of risks you should consider to cover while insuring used machines.

  1. Machinery breakdown
  2. Accidental damages 
  3. Technical Failures
  4. Unforeseen incidents like wars, fire, and rioting
  5. Natural disasters like flood, lightning, and quakes
  6. Nuclear risks
  7. Theft and robberies
  8. Explosions 
  9. Replacements 
  10. Repairs 

Construction machinery is likely to be transported from one place to another. In such cases, make sure that you insure the machine for risks during transportation and at the premises of operation.


All Risk Coverage for Machinery and Equipment

Instead of restricting your coverage to specific risks, all risks cover is the best. All risks insurance covers all the risks except the risks mentioned specifically. Besides perils coverage like fire and flood; all risks insurance will cover the machine against all other risks. In this case, the amount will be paid even if the loss is occurred due to the incident not mentioned in the list of perils.

Any sudden loss and damage done to machines will be covered. All risks will also cover the machine against damages occurred during:

  • Dismantling
  • Installing
  • Overhauling 
  • Erection
  • Transportation
Even if you need to pay little more premiums, covering under all risks gives you great benefits. You will be stress-free about any damage that is occurred during the period of insurance.

Tips for Insuring Machinery Breakdown

If you are insuring your machine only against specific risks, the breakdown is an important factor. At the same time, the causes of the machinery breakdown are significant. In some instances, your machine might get damaged due to reasons other than perils. Some of the uncommon reasons for the machinery breakdown are.
  • Carelessness of operator
  • Inefficiency of operators
  • Electric short circuits

Discuss all the reasons for breakdown with your insurance company for covering them. If you are using a high valued used or unused machine, do cover them. In many instances, even brand new machines suffer from breakdown. Proper insurance can save you from huge loss and also helps you in getting a free replacement.


We are sure these tips will help you save you from huge losses. Sudden breakdown of your machine causes a loss due to downtime in production. At the same time, it will also create a negative impact on your business. With insurance, you can compensate for your loss and in some cases can get replacements for the broken machinery. 

Also Read - Best Tips to Improve your Equipment Maintenance Plan

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