Contractors Plant and Machinery Insurance
"Protect Your Equipment with Contractor's Plant and Machinery Insurance"
GET A Free Quote
For Contractor's Plant and
Machinery Insurance
- Sample Headings
About CPM – Contractors Plant and Machinery Insurance
- What is CPM? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
- Free Consultation for the PLI Product.
What is CPM?
Contractors Plant and Machinery Insurance protects contractors and construction companies against financial losses due to damages or theft of their machinery and equipments. The policy covers loss or damage to all types of contractor’s construction equipment such as bulldozers, cranes, excavators, compressors, etc., due to an accident arising out of external perils. It covers movable equipment which is at work, at rest, is being dismantled for the purpose of cleaning or overhauling or during its subsequent re-erection.
Basic Coverages
- Plant and machinery cover for physical damage: It protects the insured contractor against the loss or damage of insured machinery or equipment by accident. The policy covers fire, theft, floods, vandalism, accidental damage, and many other perils. When items are in use or at rest, when they are dismantled, cleaned, or reinstalled, this policy applies.
- Transit Coverage : Transport, including loading and unloading, between different project sites or locations is covered by this coverage.
- Liability for Third Party : The coverage includes legal defense costs and settlement amounts, as well as liability insurance coverage for bodily injury and property damage caused by the insured equipment or machinery.
- Express Freight cover : In the event of a covered loss, this add-on coverage covers the additional costs associated with replacing or repairing insured machinery and equipment through express freight charges. Providing this coverage ensures that contractors can resume work quickly and minimize disruptions to their projects.
- Clearance and Removal of Debris : A covered loss will be covered by this add-on coverage, which reimburses the costs incurred in removing debris resulting from the damage.
- Cost Escalation : If a covered loss occurs, the insured contractor will receive reimbursement for the increased costs of repairing or replacing the damaged machinery or equipment. Inflation or price changes in the market may drive up project costs.
- Air Freight : In the event of a covered loss, this add-on coverage pays for the cost of air transportation of insured machinery and equipment. The best time to utilize this coverage is when time is of the utmost importance and air transport is the quickest way to minimize delays.
Add On Coverages
- Terrorism Coverage
- Earthquake Protection
- Additional Customs Duty
- Escalation of Cost
- Dismantling and Shifting to a New Location
- Owners Surrounding Policy
- Third-Party Liability Insurance