Contractors Plant and Machinery (CPM)

Contractor Plant & Machinery (CPM) covers the interest of the contractors against the loss or damage of various construction equipments arising out of accidental or external perils.

Coverage:

1. Covers construction equipments such as bulldozers, cranes, excavators, compressors etc.
2. Cover operates for allinsured items, whether at work, rest, or being dismantled for cleaning and overhauling
3. Complete cover to partial or total damage to machinery or equipment

Add-On Coverage:

1. Third Party Liability
2. Owners surrounding Property
3. Escalation cost
4. Clearance and removal of debris
5. Dismantling and shifting to a new location

Exclusions:

1. Loss or damage due to electrical or mechanical breakdown/failure
2. Loss of or damage to replaceable parts such as bits, drills, knives or other ​cutting edges, saw blades, dies, moulds etc.
3. Loss or damage due to explosion of any boiler or pressure vessel subject to internal steam or fluid pressure or of any internal combustion engine
4. Loss/damage to insured plant and machinery due to:

• War and nuclear perils
• Willful act/negligence of the insured
• Contractual liability, manufacturers guarantee
• Consequential loss or liability of any kind or description

Who can take the policy?

The policy can be taken by any one of the following parties, either individually or jointly :-

• The owner of the machine
• The contractor / user of the construction machinery
• The financial institutes who have an interest in the construction machinery.