CONTRACTORS PLANT AND MACHINERY 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.
- Third-Party Liability.
- Express freight.
- Extended maintenance.
- Additional custom duty.
- 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