Contractors Plant & Machinery Insurance Policy

  • Buy Contractors Plant & Machinery Insurance Policy in India

In all construction projects, heavy machinery and earth moving equipments play a significant role.  From hauling and moving materials to excavating earth and debris, generation of power round the clock, it is all done by machinery, plants and equipments like fork lift trucks, compressors, bulldozers,  pile  driving  devices,  drilling  machines  etc.  While these plant and machinery play a crucial role, they are prone to accidental damage and breakdown, which necessities the need for a Contractors Plant and Machinery Insurance Policy to minimize risk associated with such circumstances. A Contractor plant and machinery insurance policy protects your business from losses in such unwanted business scenarios

Scope of cover

  • The policy broadly covers loss or damage to the contractor’s construction modile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an Accident arising out of external perils.
  • The cover is operative while the insured property is at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or during Subsequent re-erection.

Major Exclusions

The policy does not cover loss or damage due to:

  • Electrical or mechanical breakdown
  • Pre-existing defects
  • Defective lubrication or lack of oil or coolant
  • Any sort of damage for which the manufacturer or supplier is responsible
  • Any consequential loss
  • Loss or damage to vehicles used for general road use, unless working on the specified construction site

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