Engineering : Deterioration of Stocks
This insurance provides financial protection to the Cold Storage Owners/Hirers towards loss of damage to the goods kept in Cold Storage caused by deterioration arising from:
- Rise or fall in temperature of the cold storage due to Machinery breakdown of the Refrigeration plant
- Damage to the plant by extraneous cause other than major perils
Goods covered under this insurance comprise of food products, fish, meat products, potato and apples, pharmaceutical products etc.
One of the conditions of this Plan is to have a Machinery Breakdown Plan for the Machinery of the Cold storage in which the goods are kept