The Contractor’s Plant and Machinery Insurance protects contractors and construction companies against financial losses due to damage or theft of their machinery and equipment. The insurance covers a wide range of construction machinery and equipment, including cranes, bulldozers, excavators, compressors, generators, and more. Additionally, the CPM policy covers third-party claims against bodily injury and property damage caused at the insured construction site during the policy tenure.

Coverage:

The Contractors Plant and Machinery policy (CPM Insurance) covers the following:

• CPM Policy covers the physical loss or damage to the insured's plant and machinery at project sites.
• Coverage extends to all insured items, whether in operation, at rest, or undergoing dismantling for cleaning and overhauling.
• Earthquake, landslide, rockslide, subsidence, flood, inundation, impact foreign and falling objects
• Accidental damage
• Fire & explosion

Contractors Plant and Machinery Insurance Coverage: Add-Ons

On payment of an additional premium, you can opt for the following add-ons under the contractors plant and machinery policy (CPM insurance):

• Express freight
• Additional customs duty
• Escalation of cost
• Dismantling and shifting to a new location
• Owners surrounding policy
• Clearance and removal of debris
• Third-Party Liability
• Air freight

Exclusion:

• Damage due to terrorism risk
• Loss or damage due to electrical or mechanical breakdown/failure
• Pre-existing faults & damages
• Normal wear and tear and ones operating in mines
• Loss or damage due to the explosion of any boiler or pressure vessel
• Damage due to use of in the manner other than for which it was designed
• The excess, as stated in the schedule
• Damage for which the supplier or manufacturer is responsible
• Damage due to partial or total immersion in water
• Loss/damage to insured plant and machinery due to:
• Willful act/negligence of the insured
• Manufacturer's guarantee
• Consequential loss or liability of any kind or description