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Contractor’s Plant & Machinery Insurance

Contractor's Plant and Machinery Insurance is a type of insurance policy that provides coverage to contractors for the various types of equipment and machinery they use during the execution of construction projects. These machines may vary according to the nature, type, and location of the project, and may even change at different stages of the project. Equipment covered under this policy may include cranes, compressors, road-rollers, vibrators, welding sets, hydraulic excavators, and more. Although it is possible to have the contractor's Plant and Machinery covered under an EAR or CAR policy at specific project sites, Contractors' Plant and Machinery (CPM) Insurance has been designed to provide annual coverage to contractors who may use their equipment at different projects throughout the year.

Who needs Contractor’s Plant & Machinery Insurance?

The Machinery/Equipment policy can be purchased by the owner, lessor, or hirer (who is legally responsible or has a leasing agreement in place) of the machinery or equipment.

Why do you need Contractor’s Plant & Machinery Insurance?

This insurance policy covers any damage or loss to the insured's machinery, including cranes, bulldozers, compressors, and more. One of the advantages of this policy is that it provides coverage for the insured's machinery regardless of whether they are in use, at rest, or dismantled for cleaning purposes.

What is covered in Contractor’s Plant & Machinery Insurance?

It’s an All-Risk Policy, i.e., everything is covered except specifically excluded.

What is not covered in Contractor’s Plant & Machinery Insurance?

Loss of or damage to replaceable parts and attachment

Damage to vehicles designed and licensed for general road use – unless used exclusively on construction sites

Loss of or damage to Hull and machinery of waterborne vessels or crafts

Transit loss

Testing

Earthquake

Nuclear

Willful negligence

Consequential loss or liability of any kind or description

Electrical or Mechanical breakdown/ derangement – but as a result if an accident happens causing external damage, then such consequential damage is payable

Explosion of any boiler or pressure vessel

Loss or damage due to total or partial immersion in tidal waters

Wear and tear

Plant and/ or machinery working underground

Terrorism

Pre-existing faults

Damage for which the supplier or manufacturer is responsible either by law or under contract

Inventory loss

Pay loaders on barges cannot be covered under CPM