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CONTRACTOR’S PLANT AND MACHINERY INSURANCE
Scope of Cover:
The Policy covers loss or damage to the contract’s construction equipment such as bulldozers, cranes, excavators, compressors etc., due to an accident arising out of external perils. This cover is operative while the equipments are at work or at rest, or during dismantling for cleaning or overhauling, or re-assembly.
The Policy covers loss or damage to the contract’s construction equipment such as bulldozers, cranes, excavators, compressors etc., due to an accident arising out of external perils. This cover is operative while the equipments are at work or at rest, or during dismantling for cleaning or overhauling, or re-assembly.
Significant Extensions:
Express freight (excluding air freight), overtime and holiday rates of wages.
Air Freight.
Owner’s surrounding property.
Clearance and removal of debris.
Additional customs duty.
Escalation.
Third party liability.
Earthquake.
Act of terrorism.
Exclusions:
Transit risks from site to site.
Electrical & mechanical breakdown.
Freezing of coolant or other fluids, defective lubrication, replaceable parts.
Explosion due to steam pressure in I.C. engine.
Wear and tear, rusting, testing for other purposes.
War and nuclear perils.
Pre-existing defects at inception.
Willful act/negligence of insured.
Consequential loss/liability, inventory loss.
Cost of alteration, improvement, overhauls, modifications, additions, material changes.
Sum Insured:
Current replacement value of the machinery / equipment of the same kind and same capacity.
Current replacement value of the machinery / equipment of the same kind and same capacity.
Premium Rate:
The premium depends on the type of equipment, risk location(s) and use of the equipment.
The premium depends on the type of equipment, risk location(s) and use of the equipment.
In Case of Claim:
Inform the 24x7 Call Centre about your Policy details.
Get a Claim Registration No. while confirming the Policy details.
Appointment of Surveyor at the time of Claim Registration.
Fast settlement of claims after submission of all the relevant documents.
Next Steps
