Allianz Engineering has today launched a refreshed product, All Machinery, to protect businesses against the impact of machinery breakdown and damage.
Specifically designed in response to Allianz research and broker feedback, the new proposition is tailored to complement existing Property and Casualty policies, by covering machinery items and events which are not traditionally included.
All Machinery provides specialist cover for businesses which are reliant on essential items of plant and machinery. The proposition covers a wide range of items and sectors, from processing machinery, cranes and forklifts in manufacturing warehouses, to refrigeration and lifts in retail outlets.
Customers will be covered for the cost of repair or replacement of plant and machinery, due to events such as breakdowns, explosions, collapse and accidental damage. Further benefits of the refreshed All Machinery proposition include:
- Damage to building automation systems – protection against damage to centralised computer and electronic systems that control security, air conditioning, lighting and other systems.
- Fire brigade charges – cover for costs of up to £10,000 following an insured loss that results in the fire brigade being called out.
- Environment and efficiency improvements – an increase to limits by 25% or £25,000, whichever is the lesser, following a loss where the plant or machinery is replaced with a greener, more efficient alternative.
- Undamaged parts or components – reimbursement of costs up to £25,000, incurred in replacing undamaged items due to compatibility issues with replacement items following a loss.
- Cost of hiring replacement item – while insured plant or machinery is being repaired or during the time it takes to source a replacement, we will cover hire charges up to £25,000.
Chris Little, director of engineering, Allianz Insurance, commented: "Businesses across all industry sectors rely on machinery to assist the running of their business and unfortunately, when these machines suffer a breakdown or damage, it can lead to costly repair bills, as well as lengthy interruption to the business.
"Our research revealed that many customers require better protection against specialist machinery items, which are not necessarily covered through a standard commercial insurance policy. With this in mind, we have designed the new All Machinery product to ensure that our customers are protected against these losses and receive an excellent claims service which is committed to getting them back in business as quickly as possible."
The product is fully supported by Allianz’s specialist Engineering underwriters, expert Engineering claims team and loss adjustors. Allianz Engineering also offers a Machinery Business Interruption product which can sit alongside All Machinery, providing business interruption cover.
- Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.
Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.property and casualty insurer worldwide.