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Contractors Plant and Machinery Insurance

Protects contractors against the damage of various civil engineering projects

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Please check Terms and Conditions.

Please check Terms and Conditions.

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Contractors Plant and Machinery Insurance

Specially designed to protect the interest of civil contractors against the damage to or destruction of various civil engineering projects (like dwellings, office, hospitals, tunnels, channels etc).

What it covers?

  • Fire and Lightning.
  • Accidental damage like defective workmanship and material, lack of skill, Negligence, Malicious act or Human error.     
  • Water damage, Flood, Storm, Tempest, Inundation.      
  • Collapse, Collision, Impact. 
  • Theft & Burglary.
  • Subsidence, landslide, Rockslide.

 

Exclusions

  • Loss or damage due to War or Warlike operations, Civil Commotion etc.

  • Loss or damage due to Wilful act or Negligence of the Insured or of his representative

  • Loss or damage due to Nuclear reaction, Nuclear radiation or Radioactive contamination

  • Loss discovered only at the time of taking an inventory

  • Loss or damage due to normal wear and tear, Gradual deterioration due to atmospheric conditions or lack of use, Rust

  • Loss or damage due to faulty design

FAQs

What Is an Insurance Policy Period?

The cover attaches with the commencement of work or after the items entered in the schedule of the policy have been unloaded at the site, whichever is earlier and shall expire on the date specified in the policy. However, the company's liability expires for parts of the insured contract works taken over or put into service by the Principal prior to the expiry date specified in the policy, whichever shall be earlier.

What additional coverage is provided under the policy?

  • Clearance & removal of debris.
  • Construction Plant & machinery.
  • Insured's own surrounding property.
  • Escalation.
  • Third-Party Liability.
  • Express freight.
  • Airfreight.
  • Extended maintenance.
  • Additional custom duty.
  • Earthquake.
  • Terrorism Damage.

What are the premium payment methods?

The premium can be collected in installments if the period of insurance is more than 12 months.

How is Insurance Company Credit Rating decided?

Rating depends on:

  • Type of Project.
  • Period of Project.
  • Sum Insured of the project.
  • Deductible Franchise.
  • Location of Project.
  • Extensions opted

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