Contractor Plant and Machinery Insurance

Contractor Plant and Machinery Insurance

Features & Benefits

Requirements
The construction business, responsible for constructing buildings, roads, factories and bridges, is what drives an economy forward. Those in this business make use of heavy machinery and equipment to undertake a multitude of construction jobs. If anything was to happen to this equipment and machinery, the work would suffer, causing inconvenience all around. The Contractor's Plant and Machinery Insurance provides cover for such associated exigencies.

Benefits
The Contractor's Plant and Machinery Policy covers all your primarily movable plant equipment and machinery against damage or loss in case of an accident. Machines such as bulldozers, cranes, and excavators etc. come under the policy and are offered repair or replacement in case of damage, so one can resume work as soon as possible.

Sum Insured
The sum insured under the policy shall be equal to the replacement cost of each item damaged, considering the replacement is done by a new item of the same kind, size and capacity. It should also include the freight costs, cost of erection, customs duty and any other charges involved.

Premium
The premium to be paid for the policy may differ in each case, depending on several factors such as the type of equipment, location(s), risk involved and the use of equipment.

Coverage

Eligibility
Anyone who owns movable construction machinery or is a contractor, bank or financial institution with interest in such machinery, can make use of this policy.

Main Inclusions
Our Contractor Plant and Machinery Insurance policy will protect you against any unexpected physical loss or sudden damage caused to your machinery. The coverage will be in effect even when the machinery would be working or at rest or even when being dismantled for overhauling or cleaning and during subsequent re-erection.

If you pay an additional premium, the policy can be extended to cover damages caused due to or in situations listed below:
Express freight, overtime and holiday rates of wages
Air freight
Your surrounding property
Clearance and removal of debris
Additional customs duty
Escalation
Third party liability
Earthquake
Act of terrorism

Major Exclusions
The following are 'named excluded perils' under the Contractor Plant and Machinery Insurance policy, which are the specific risks not covered by the policy.
Contractual liability or manufacturer's guarantee
War, warlike operations and nuclear perils
Damage to exchangeable tools or parts
Any fault or defect existing at the time the policy commences
Loss or damage due to explosion of any boiler or pressure vessel, subject to internal steam or fluid pressure, or of any internal combustion engine
Loss or damage due to abandonment of any plant and/or machinery working in underground mines or tunnels
Loss or damage discovered only at the time of taking an inventory
Public liability while the plant and machinery are on public roads
Loss or damage while in transit from one location to another
Loss or damage due to total or partial immersion in tidal waters
Gross negligence
Damage due to wear and tear, corrosion, rust, etc.
Terrorism, unless specifically covered