There are different types of Constractors Plant and Machinery in operation at the Construction or Erection site. The inherent exposure of risks to the Plants, Equipment and Machinery during their operations including Natural Calamities needs to be covered appropriately.These include include shovels, excavators, rollers, dumpers, earth moving equipments, cranes and the like and other Commercial Vehicles.
Scope of Cover
The policy covers sudden, accidental, external damage to the insured equipment 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.
Exclusions
- Mechanical/electrical breakdown or derangement
- Explosion of boiler/pressure vessel/internal combustion engine
- Total or partial immersion in tidal waters
- Wear and tear
- War, nuclear reaction, wilful negligence
- Parts prone to periodic replacement such as belts, drills, knives, dyes, moulds and patterns
- Vehicles designed and licensed for general road use, unless used on construction site
- Waterborne vessels/crafts and machinery mounted thereon
- Plant/machinery working underground
- Whilst undergoing test or used for purpose other than designed for
- Losses claimable under manufacturer's guarantee
- Defects existing at the commencement of the insurance
- Consequential loss of any nature
Extension
The following optional cover can be granted at extra cost:
- Third party liability cover
- Existing property/surrounding property cover
- Clearance and removal of debris
- Expediting expenses
- Inland transit cover
- Extra cover for overtime, etc.
- Air Frieght charges for overseas technicians visit.
Sum Insured
The sum insured of each item of machinery should represent the Replacement Cost, i.e., The current purchase value of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.
Premium rate is based on factors such as replacement cost of plants & machinery, model and type of machinery, age and working conditions, maintenance history, previous claims history and contractor’s track record.
DISCLAIMER
The above is a brief information of the covers available under the Policy. Please request for a copy of the Insurer's Terms and conditions of the policy which shall be binding and considered as final basis for settlement of any dispute.