Contractors Plant and Machinery
Contractors Plant and Machinery policy is mostly taken by contractors, or factories.
This coverage provides protection to the owners implementing the works of the contract/project resulting from the loss or damage of any equipments/machines of the insured.
The policy compensates the financial losses resulting from a sudden unexpected damage/loss incurred by the insured machines/equipments and the insurance coverage shall be on the basis of all the risks except the losses or damages resulting from the mechanical or electrical breakdowns.
The cover is granted to all types of machines, equipments and related facilities temporarily installed in the work sites during the operation, non-operation or dismantled mode of these machines.
The Policy coverage includes any unforeseen and sudden physical loss or damage to the Insured items due to any cause including:
- (a) Burglary, theft, riot, strike and malicious damage.
- (b) Fire and lightning, External explosion, Earth Quake, Flood, Subsidence, Inundation, Landslide and Rockslide
- (c) Storm, tempest, hurricane, tempest, typhoon and tornado
- (d) Accidental damage while at work due to faulty man handling, dropping or falling or collapse, collision and impact.