Contractor's Plant & MachineryInsurance
'This policy covers all different types of machinery used for handing material or construction.' The policy can be taken by any one of the following parties, either individually or jointly :- The owner of the machine The contractor / user of the construction machinery The financial institutes who have an interest in the construction machinery. The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
Contractor's Plant & MachineryInsurance
Construction Plant and Equipment often constitute a considerable part of a building or erection contractor's investment. Moreover, heavy duty and movable machinery often operate in hostile terrain; are exposed to extremes of weather and natural perils; besides being exposed to a number of other hazards depending upon the nature of construction, erection work or usage. Salient features of this policy are: ● It covers various types of machinery, plant and equipment, both electrical and mechanical against unforeseen or sudden physical damage of the insured machinery due to any cause not excluded. ● There is an option to cover only selected machinery under the policy. ● It provides coverage for machinery at various locations by specifically mentioning the equipments at each location. ● The Policy can be taken by the owner, contractor or by the financiers of the machinery. It is an important all risks policy covering principally movable plant and machinery owned or leased by the principals or contractors and used on site for various construction work, repairs & maintenance jobs or even regular site work.