Contractors Plant and Machinery (CPM) Insurance Policy
Whether you are a owner or having any financial interest in the plant and machinery, mobile equipment such as Earthmovers, Excavator cranes, you are exposed to risks of unforeseen & sudden physical loss or damage due to accidents. The costs involved to sustain either a partial or a total loss is substantial which has a direct bearing on the revenue of the company.
Contractor’s Plant & Machinery Insurance covers such equipment , for unforeseen and sudden physical damage.
The policy covers various types of construction equipment like earthmovers, excavators, dozers, cranes etc.
The policy covers the insured machinery plant and equipments while at work, at rest, being dismantled or shifted or re-erected (if undertaken in the same premises) against unforeseen and sudden physical loss or damage due to any cause not otherwise excluded.
The sum insured should represent the present day new replacement value that included freight and customs duties (if any), erection costs, installation charges and incidental expenses.
It covers unforeseen & sudden physical loss mainly due to:
- Impact damages.
- Rolling over / Toppling / Capsizing.
- Fall from a height.
- Muck sliding / Land sliding / Rock sliding.
- Transit damages (within specified premises).
- Submersing in water / marshy land.
- Fire, explosion.
The policy can be extended to cover third party liability, express freight, holiday & overtime wages, air freight, escalation.
The policy can be issued covering single location. However, multiple locations or locations anywhere in India can also be covered under the policy subject to:
- Full description with identification for each and every equipment shall be declared.
- Transit risks from site to site will be excluded.