Engineering InsuranceContractors Plant And Machinery
Table of ContentsContractors Plant & Machinery Insurance
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Contractors Plant & Machinery Insurance
Contractors Plant and Machinery Insurance Policy designed to protect the interest of contractors against the damage or destruction of plant and machinery used for erection/construction purpose against - Fire, theft, burglary, RSMD. Terrorism, - Earthquake, flood, inundation, landslide, - Storm, tempest, cyclone etc. - Accidental external damage while at work or rest at the site due to faulty handling, impact, collapse, dropping, various civil engineering projects (like dwellings, office, hospitals, tunnels, canals etc.).
Contractors Plant and Machinery Insurance Policy meant for unforeseen and accidental physical loss or damage to equipment due to external causes. The equipment could be at work or rest, and the policy also covers the machinery while it is dismantled, re-erected or shifted within the project premises.
Plant and machinery which can be insured under this policy are as follow.
- Road Rollers
- Concrete mixer, concrete pumps
- Pavers for asphalt or concrete finishing
- Cranes, Lifting equipment and drilling equipment Road surfacing equipment
- Chain blocks, pulley blocks
- Site power-generating plant
- Mobile mixing plant
- Hauling equipment
- Excavators and loaders
- Earthmoving equipment: Bulldozer, grader, scraper, excavator, loader, dumper, etc
- Batching plant for the production of concrete of asphalt
- Bitumen tank sprayers
- Cover loss or damage to Insured plant & machinery or construction equipment because of an accident arising due to external perils like Fire, Accidental Damage, Riot, Burglary etc
- Plant & Machinery / Equipment are at work, being dismantled for overhauling or cleaning purposes, or are at rest covered
- Selection of Equipment or Plant & Machinery are allowed
- Covers current replacement value of Insured equipment or plant & machinery
- The policy provides comprehensive cover against physical loss or damage to the plant and machinery due to any cause other than those specifically excluded in the policy.
- The cover is operative while the insured property is at work or rest, or being dismantled for cleaning or overhauling, or during subsequent re-erection.
- Fire, lightning, explosion, aircraft damage
- Riot, strike, malicious act or human error
- Water damage, flood, inundation, storm, cyclone, tempest and allied perils
- Landslide, subsidence and rockslide
- Burglary and theft
- Collision, Collapse, overturning and falling of a foreign object
- Any other sudden, unforeseen, accidental damages like defective workmanship and material, lack of skill, Negligence
- Owner's surrounding policy
- Clearance and removal of debris
- Additional custom duty
- Express freight and holiday and overtime rates of wages
- Third-Party Cover
- Floater cover
- Electrical/mechanical breakdown
- Transit risks from site to site (separate marine cover is required)
- Vehicles designed and licensed for general road
- Hull and machinery of waterborne vessel/crafts
- Freezing of coolant or other fluids, defective lubrication, replaceable parts
- Plant/machinery working underground (unless specifically endorsed)
- Total and partial immersion in tidal waters
- Equipment undergoing testing
- Pre-existing defects at inception
- Loss or damage due to explosion of boiler/pressure vessel
- Cost of preparing drawings/patterns/core boxes
- Cost of alteration, improvement, overhauls, modifications, additions, material changes
- Consequential Loss
- Breakage/abrasion of wire or stands of rope/slings of crane
- Loss or damage for which the supplier or manufacturer is responsible either by law or under contract
In the event of loss, following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express inability in accepting liability of the loss/damage.
- To take all steps to reduce and minimize the extent of loss damage and liability.
- Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
- To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and proper assessment of the loss.
- Produce all such records and proof as may be required by the surveyor or the insurer for arriving at the extent of loss and the liability under policy.
- Provide documents such as, claim form, Claim bill, copy of policy etc.
- Keep the damaged property under the safe custody until advised by the surveyor/insurer regarding its disposal.
- Identification of the subject matter insured
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