Contractors’ Plant and Machinery Policy (CPM)
This policy covers construction plant and machinery while at the construction site.
- What is insured:
All construction equipment like Excavators, Bull Dozers, Pavers, Tippers, Cranes, Crushers, Batch Mixing Plants and the like, whilst work, or at rest or being dismantled and re-erected for the purpose of repairs or overhauling
- Who can Insure:
The owner, contractors, builders, financiers, bankers, mortgagees and the like whoever has a financial interest in the equipment/machinery.
- What is covered:
Loss or damage to the equipment/machinery caused by any accidental external and fortuitous events like fire, explosion, impact damage, rolling over/toppling/capsizing, fall from height, sliding, skidding and the like subject to any expressly excluded perils/losses
- The equipment/machinery is covered whilst in any particular location. However, the machinery can be covered on anywhere in India basis subject to all locations being intimated with full details.
- While transit from one place to another in the project site is covered, transit between one site and another site is not covered under this policy
- Special features:
The plant and machinery under this policy should be covered for current replacement value irrespective of the original invoice value and the age of the equipment/machinery