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Contractors Plant and Machinery

Contractors Plant and Machinery policy is mostly taken by contractors, or factories.
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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.
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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.
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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.
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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.
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The Insured shall be indemnified for any loss or damage to the insured item while it is being used/installed at the site against unforeseen and sudden physical damage to the machinery by any cause provided the same is not specifically excluded under the Policy.