Contractors Plant And Machinery Insurance

Contactors Plant & Machinery policy covers construction equipment like cranes, excavators etc.

Scope of cover

Contactors Plant & Machinery policy covers loss or damage to the contractor’s property due to any cause that is accidental and external in nature.

Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.

Sum Insured

Sum Insured of each item of machinery shall be the present day replacement cost. Sum insured is computed from replacement cost including freight, cost of erection and custom duty, if any.

Premium

Premium depends on various factors such as type of equipment, location of operation, etc.

Main Extension

Main policy can be extended on payment of additional premium to cover:

• Third Party Liability.
• Clearance and Removal of Debris.
• Additional Customs Duty.
• Overtime, Express freight.
• Owner’s Surrounding Property.

Main Exclusions

• Electrical or mechanical breakdown
• Wear and tear, rust, corrosion
• Willful act or willful negligence
• Loss/damage for which supplier/ manufacturer is responsible
• Consequential loss
• Policy s subject to deductible excess as stipulated therein

View Non-Motor Claims Procedure

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