Contractor’s Plant and Machinery Insurance:

This policy is specially designed to protect the interest of civil contractors. The object of this policy is to protect the constructional tools and equipment against all external damage.

Construction of Road project requires various machinery and equipment like Road surface rollers, cranes, asphalt mixing plant, concrete batching plant which can be insured under this policy.

In respect of Machinery/ Equipments, whether registered with RTO or not, but engaged at the Project site, the Insured has an option either to select the Motor/Non-Motor Policy under Motor Tariff or CPM Policy in the Engineering Department.

The policy covers damage to machinery and equipment from following causes like

• Fire and Lightning
• Burglary, theft
• Riot, Strike, Malicious damage
• Accident damage while at work due to faulty handling dropping or falling, collapse.

The coverage remains during the machinery are at works or at rest, or during the time the machinery are dismantled for cleaning or overhauling or during subsequent re-erection. Certain extensions like third part liability, removal of debris, owner’s surrounding property, terrorism, earthquake, express freight etc are also available under this policy.

Full description with identification number etc. of each and every equipment with valuation should be declared. The Policy Schedule will necessarily include a list of all items of Contractor’s Plant, Machinery and Equipments, indicating separate value against each item.

Policy schedule may also include more than one location (projects sites) with separate list of Contractors Plant, Machinery & Equipment at each location (Project site).  Floater Loading of 10% on the Contractor’s Plant, Machinery & Equipment rate shall be charged to cover such cases.

Any additions or deletions in these items during the Policy period of 12 months can be done on short period basis.

The sum insured chosen is the cost of replacement cost of the particular machinery which includes its transportation cost, dues, custom duties etc. The premium is based on the type of equipment, risk location and use of the equipment.