Contractors Plant & Machinery Insurance Policy
In all construction projects, heavy machinery and earth moving equipment play a significant role. From hauling and moving materials to excavate earth and debris, generation of power round the clock, it is all done by machinery, plants, and equipment like forklift 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 Policy to minimize risk associated with such circumstances. This policy protects your business from losses in such unwanted business scenarios.
- The policy broadly covers loss or damage to the contractor’s construction mobile 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-assembly.
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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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