Contactors Plant & Machinery policy covers construction equipment like cranes, excavators etc.
Scope of cover
Contactors Plant & Machinery policy covers loss or damage to the contractor’s property due to any cause that is accidental and external in nature.
Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.
Sum Insured
Sum Insured of each item of machinery shall be the present day replacement cost. Sum insured is computed from replacement cost including freight, cost of erection and custom duty, if any.
Premium
Premium depends on various factors such as type of equipment, location of operation, etc.
Main Extension
Main policy can be extended for additional covers:
- Third Party Liability.
- Clearance and Removal of Debris.
- Additional Customs Duty.
- Overtime, express freight.
- Owner’s Surrounding Property.
Main Exclusions
- Wear and tear, rust, corrosion
- Willful act or willful negligence
- Consequential loss