Fire Policy does not pay for repair and /or replacement of machineries arising out of sudden accidental electrical and mechanical breakdowns. In order to have protection against such losses, Machinery Breakdown Insurance is required.
No, policy doesn't cover the same.
Predominantly Civil Engineering Works are insured under this policy. Examples are buildings, bridges, flyovers, etc and such civil engineering projects.
In case the policy period exceeds 12 months, the premium can be paid in installments
The policy can be availed by the Principal Owners of the contract works or Contractors as per the terms of the contract.