Machinery insurance, Since all the toughest jobs on any construction site are done by the equipment and tools, so any damage caused to these machinery can result in catastrophic loss. Therefore, contractor’s plant & machinery insurance are introduced in order to provide cover to the machinery and plants against any damage or physical loss.
Following are the key features of the Plant and Machinery Insurance:
Every civil or building contractor is highly dependent on the machinery or plant for work. Some of the contractors hire these machinery or plants whereas some have their own. However, any damage or loss to any machinery involved in construction can result in a heavy loss as these machines represent a huge amount of investment.
Having plant and machinery investment keeps the contractor relaxed as his/her machinery are protected against any loss or damage. Therefore, building contractors are always recommended to opt for plant and machinery insurance. Some of the benefits that contractor gets with this insurance policy are:
The Plant and Machinery Insurance covers the following:
On payment of additional premium, you can opt for the following covers:
The common exclusions are:
Anyone of the following parties can take the insurance, either individually or jointly:
The sum insured will be equal to the cost of replacement of each item by a new item of the same kind and capacity, which means current new replacement cost will include ordinary freight, customs duty, other charges if any, and cost of erection.
The premium depends on the type of equipment, use of equipment, location, and risk you are entailing.
How to make a claim?
In the event of any loss or damage, follow the below mentioned steps: