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:
- Covers construction equipments such as bulldozers, cranes, excavators, compressors etc.
- Cover operates for allinsured items, whether at work, rest, or being dismantled for cleaning and overhauling
- Complete cover to partial or total damage to machinery or equipment
Add-On Coverage:
- Third Party Liability
- Owners surrounding Property
- Escalation cost
- Clearance and removal of debris
- Dismantling and shifting to a new location
Exclusions:
- Loss or damage due to electrical or mechanical breakdown/failure
- Loss of or damage to replaceable parts such as bits, drills, knives or other cutting edges, saw blades, dies, moulds etc.
- 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
- 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.
