Protects contractors against the damage of various civil engineering projects
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).
Policy is designed to cover loss or damage caused to civil contractors.
This policy covers plant and machinery for any physical damage.
Premium depends various factors such as type of equipment, use of the equipment, etc.
The policy provides coverage at the construction site.
Coverage is offered for damage / defects during the subsequent period of maintenance.
Additional coverage includes terrorism damage, third party liability, etc.
It offers cover for clearance & removal of debris.
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.