Contractor Plant And Machinery

This insurance is for the Contractor or the Owner of Portable/ Machinery like Material Handling Machinery and financial or banking institution for their rights and interest involved. All different types of machinery used for material handling/Construction/Erection in different industries engaged in construction, manufacturing, processing, operation etc. can be covered.

Coverage

Contractors Plant Machinery Insurance guarantees the risk of physical damage or loss occurring suddenly and unexpectedly to the object of coverage (except for certain risks listed in the exception) The CPM/CPE policy also guarantees damage or loss when heavy equipment is at work, at rest, or being dismantled in the process of maintenance or overhauling. Contractors’ Plant and Equipment (CPE/CPM) guarantees include:

  1. Coverage for Fire, Lightning, Explosion, Aircraft Crash and Smoke
  2. Coverage for Riots, Strikes, Crime and Riots
  3. Coverage for Hurricanes, Hurricanes, Floods and Water Damage
  4. Guarantee for Earthquakes, Volcanic Eruptions and Tsunamis
  5. Guarantee for Landslides and Land Movements
  6. Guarantee for Robbery and Theft
  7. Warranty for Errors or omissions in operation
  8. Coverage for other Accidents.

Exclusion

  1. Electrical or mechanical failure and Boiler explosion
  2. Replaceable parts: strainer, strap, battery, etc
  3. Public transportation, boats, planes
  4. Damage due to high tide (rob)
  5. Damage during transit (in transit)
  6. Wear, corrosion, the nature of the item itself
  7. Damage during testing
  8. Underground work
  9. War, terrorism, nuclear and radioactive
  10. Deliberately by the Insured
  11. Damage that is still under the manufacturer’s warranty
  12. Business interruption and Legal Liability

Insurance Object

All types of heavy equipment or contractor equipment can generally be insured, construction equipment, coal mining, iron ore mining, tin, stone mining, container terminals.

Minimum Data Requirement

  1. Details of Company
  2. List of Contractors and Sub Contractors
  3. Activity or Business for Contractors/ Sub Contractors
  4. Cover Required
  5. Details of Equipment/Machinery, Technical Specifications And Year of Manufacture With Name/Factory maker.
  6. New Price (New Replacement Value)
  7. Operator’s Experience
  8. Prior Insurance
  9. Loss History
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