Physical damage and accidental breakdown of machinery and equipment can pose a significant financial loss to a business – even threaten its vitality! Outrisk Insurance is here to help companies and factories protect their capital against any unexpected machinery damage.
What is Machinery Breakdown Insurance?
What is Machinery Breakdown Insurance?
Machinery Breakdown Insurance offers comprehensive coverage for big machines that are essential for the operation of various industries and factories.
This specialized security cover for expensive, large machines includes as a bare minimum:
- Physical damage
- Accidental breakdown
- Repair costs
- Replacement of damaged machinery
It is common for factory machinery to stop working suddenly due to electrical, mechanical or electronic damages. Overheating, lack of water, excess voltage or pressure are additional causes of a machinery breakdown.
Read moreMachinery Breakdown Insurance offers comprehensive coverage for big machines that are essential for the operation of various industries and factories.
This specialized security cover for expensive, large machines includes as a bare minimum:
- Physical damage
- Accidental breakdown
- Repair costs
- Replacement of damaged machinery
It is common for factory machinery to stop working suddenly due to electrical, mechanical or electronic damages. Overheating, lack of water, excess voltage or pressure are additional causes of a machinery breakdown.
Companies with Machinery Breakdown Insurance get reimbursement for almost all machinery repair and replacement expenses from their insurance company. That is a great help for business owners to overcome losses from a sudden machine breakdown and the subsequent operation stoppage.
A Machinery Breakdown policy can also cover additional items, such as labor charges, customs duty and air-freight.
Business interruption claims included in some policies compensate policyholders for business losses while the machinery is being repaired.
Why insure your Machinery with Outrisk Insurance?
Why insure your Machinery with
Outrisk Insurance?
Choosing the right insurance agent is key to finding the right policy for your business’s unique needs. At Outrisk Insurance, our top priority is ensuring that your company and all essential machinery are adequately protected at all times. This way, business owners can enjoy complete peace of mind and concentrate on running their business in the best possible way.
With more than 30 years of experience in Cyprus’ insurance market, we know what policies cover the specific needs of your business in the best possible way. We provide comprehensive coverage to factories and other big corporations reliant on large and expensive machinery
Read moreChoosing the right insurance agent is key to finding the right policy for your business’s unique needs. At Outrisk Insurance, our top priority is ensuring that your company and all essential machinery are adequately protected at all times. This way, business owners can enjoy complete peace of mind and concentrate on running their business in the best possible way.
With more than 30 years of experience in Cyprus’ insurance market, we know what policies cover the specific needs of your business in the best possible way. We provide comprehensive coverage to factories and other big corporations reliant on large and expensive machinery.
When an unexpected machinery breakdown occurs, your business will be well-prepared to handle the crisis. Outrisk provides you with the support you need during the most challenging times of your life. We collaborate with the top insurance companies in the market, who have great expertise in Cyprus legislation and are specialized in Machinery Breakdown Insurance policies.
We will help you through the entire process of filing your claim and getting the payout you deserve. Our team will be there every step along the way to make sure you can go through the process quickly and efficiently.
When you choose Outrisk Insurance, you get:
Full Protection
Outrisk Insurance helps to protect your machinery & equipment against all possible risks. We offer policies that provide a high-quality repair or replacement of large machines.
Tailor-made Coverage
Every business is unique; thus, we provide tailored insurance packages that fit your business needs and budget.
Reliable Insurance Provider
Since 1989, we have been serving big corporations and factories across Cyprus. As your trusted insurance broker, we have access to the broadest policies that ensure the best coverage for your machinery.
Competitive Premiums
We offer the highest-quality insurance policies at the most affordable prices in Cyprus’ insurance market!
Always By Your Side
Our team is available 24/7 to help you with any emergencies. In case of a sudden machinery or equipment breakdown, make sure to call us first.
Expert Assistance
Navigating the insurance process can be tricky. Our qualified and reliable team of insurance agents will help you choose the right policy and fill your claims.
Who is this for?
Aimed at factories and other companies whose operation relies on machinery and other mechanical and electrical equipment.
Call Us +357 97770067
Email us info@outrisk.com
Why do I need a house or apartment insurance?
What industries can benefit from Machinery Breakdown Insurance in Cyprus?
Industries who opt for Machinery Breakdown Insurance in Cyprus include:
- Pharmaceutical and Chemical companies
- Manufacturing plants
- Hotels
- Technology companies
- Sawmills
- Greenhouses
- Animal production
- Product packing companies
- Food processing businesses
- Municipalities
Industries who opt for Machinery Breakdown Insurance in Cyprus include:
- Pharmaceutical and Chemical companies
- Manufacturing plants
- Hotels
- Technology companies
- Sawmills
- Greenhouses
- Animal production
- Product packing companies
- Food processing businesses
- Municipalities
Why does my business need Machinery Breakdown Insurance?
Why does my business need Machinery Breakdown Insurance?
Even with proper maintenance and expert installation, machinery and equipment can break down. Thus, it is essential for a big corporation or factory to ensure their operations are safe and can continue serving their clients even when mechanical and electrical breakdowns occur.
Machinery that has stopped working or broken down poses risks to the business’s viability. The production or operation stoppage and the cost of replacing broken machinery are so high that most companies cannot handle it without financial aid.
That’s why businesses whose capital consists of expensive machinery should opt for a custom and comprehensive Machinery Breakdown Insurance. Machinery breakdown policies cover risks for any kind of unexpected damage that might occur to a business’s mechanical and electrical machines – whether these are in operation or not!
Read moreEven with proper maintenance and expert installation, machinery and equipment can break down. Thus, it is essential for a big corporation or factory to ensure their operations are safe and can continue serving their clients even when mechanical and electrical breakdowns occur.
Machinery that has stopped working or broken down poses risks to the business’s viability. The production or operation stoppage and the cost of replacing broken machinery are so high that most companies cannot handle it without financial aid.
That’s why businesses whose capital consists of expensive machinery should opt for a custom and comprehensive Machinery Breakdown Insurance. Machinery breakdown policies cover risks for any kind of unexpected damage that might occur to a business’s mechanical and electrical machines – whether these are in operation or not!
Most companies combine Machinery Breakdown Insurance with Commercial Landlord Insurance and Business Insurance.
In addition, you can also opt for inspection and risk consulting services. An experienced risk consultant visits the factory or office and provides you with comprehensive and tailored risk management solutions.
Release from the uncertainty and stress of a financial disaster that will threaten the viability of your business. Get an all-risk, 100% flexible Machinery Breakdown coverage with Outrisk Insurance today with a call at +357 22 352 223!
What do the Home Insurance
packages cover?
What do the Home Insurance
packages cover?
- Fire
- Earthquake
- Lightning
- Storm
- Flood
- Explosion
- Water, Gas, Oil, LPG (Liquefied petroleum gas) or Fuel leakage
- Damage from fallen trees
- Theft
- Damage from attempted theft
- Civil unrest
- Strikes or riots
- Damage caused by vehicles
If your vehicle has been immobilised due to mechanical, electrical, or tire damage, call us at 22 352223 and our Roadside Assistance team:
- Repair on the spot problems involving oil change, battery repair, flat tires, and all possible quick fixes
- Redirect vehicle on public road if found out of route
- Transport of vehicle to a workshop/garage of your choice
A vast range of internal and external risks may arise for a business reliant on specialist machinery and equipment. With Machinery Breakdown Insurance, your factory or office is covered against:
- Abnormal operating conditions of machinery
- Machine falling and collision
- Carelessness of employees
- Lack of operating skills
- Short-circuits
- Excess voltage
- Faulty casting after the warranty period
- Turbine bursting
- Fire from within the machinery
- Explosion or lightning strike
The insurer will usually pay for:
- Machinery repair
- Machinery Replacement
- Removal of debris
- Additional cost of working
Get an insurance quote
Get an
insurance quote
We have the experience and the competitive prices.
Have a look at what we have to offer.
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Frequently asked questions
The value of the insured capital should be equal to the replacement cost of the broken machinery and equipment with new machines of the same capacity and class. This amount must include the taxes and expenses required to put the new machinery in place and get it ready for commercial operation.
The premiums might depend on:
- Business type
- Machinery type
- Age of equipment
- Use of equipment
- Location
- Number of equipment at risk
Outrisk Insurance will be by your side to make filing a claim an easy and quick process. The standard documents you will need to submit for a machinery breakdown claim might include:
- Policyholder’s ID proofs
- Policy document
- Invoice of machinery
- Statement from engineer reporting the level and type of breakdown
Machinery Breakdown and Machinery All Risks Insurance are two terms widely used in the insurance market interchangeably. They cover machinery and equipment against physical or accidental damage.
