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Securing your Projects & Future Profits

Contractor Plant and Machinery Insurance

Features & Benefits

  • Requirements

    The construction business, responsible for constructing buildings, roads, factories and bridges, is what drives an economy forward. Those in this business make use of heavy machinery and equipment to undertake a multitude of construction jobs. If anything was to happen to this equipment and machinery, the work would suffer, causing inconvenience all around. The Contractor’s Plant and Machinery Insurance provides cover for such associated exigencies.

  • Benefits

    The Contractor’s Plant and Machinery Policy covers all your primarily movable plant equipment and machinery against damage or loss in case of an accident. Machines such as bulldozers, cranes, and excavators etc. come under the policy and are offered repair or replacement in case of damage, so one can resume work as soon as possible.

  • Sum Insured

    The sum insured under the policy shall be equal to the replacement cost of each item damaged, considering the replacement is done by a new item of the same kind, size and capacity. It should also include the freight costs, cost of erection, customs duty and any other charges involved.

  • Premium

    The premium to be paid for the policy may differ in each case, depending on several factors such as the type of equipment, location(s), risk involved and the use of equipment.

Coverage

Anyone who owns movable construction machinery or is a contractor, bank or financial institution with interest in such machinery, can make use of this policy.

To know more about the eligibility, inclusions and exclusions, please read the policy wordings.​​

Our Contractor Plant and Machinery Insurance policy will protect you against any unexpected physical loss or sudden damage caused to your machinery. The coverage will be in effect even when the machinery would be working or at rest or even when being dismantled for overhauling or cleaning and during subsequent re-erection.

If you pay an additional premium, the policy can be extended to cover damages caused due to or in situations listed below:

  • Express freight, overtime and holiday rates of wages
  • Air freight
  • Your surrounding property
  • Clearance and removal of debris
  • Additional customs duty
  • Escalation
  • Third party liability
  • Earthquake
  • Act of terrorism

The following are 'named excluded perils' under the Contractor Plant and Machinery Insurance policy, which are the specific risks not covered by the policy.

  • Contractual liability or manufacturer’s guarantee
  • War, warlike operations and nuclear perils
  • Damage to exchangeable tools or parts
  • Any fault or defect existing at the time the policy commences
  • Loss or damage due to explosion of any boiler or pressure vessel, subject to internal steam or fluid pressure, or of any internal combustion engine
  • Loss or damage due to abandonment of any plant and/or machinery working in underground mines or tunnels
  • Loss or damage discovered only at the time of taking an inventory
  • Public liability while the plant and machinery are on public roads
  • Loss or damage while in transit from one location to another
  • Loss or damage due to total or partial immersion in tidal waters
  • Gross negligence
  • Damage due to wear and tear, corrosion, rust, etc.
  • Terrorism, unless specifically covered

Frequently Asked Questions

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Who can buy this product

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Contractor, Principal or Sub Contractor having movable plant and machinery at various construction work, repairs & maintenance jobs or even regular site work.

Items Insured

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Construction mobile equipment such as bulldozers, cranes, excavators, compressors etc.

Product Coverage

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Policy covers unforeseen and sudden physical damage caused to the Contractors Plant and Machinery at the Insured location due to any perils other than those which are specifically excluded under the Product.

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Pricing related

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The premium depends on the type of equipment, risk, location(s) and use of the equipment.

How do I record any changes in the policy?

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What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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