Contactor’s Plant & Machinery

Insurance
INTRODUCTION

This policy will cover

 Physical loss or damage , which the contractor’s plant & machinery could
suffer .
 accidental external damage excluding internal breakdown

Subject matter of Insurance

 Mobile construction machinery
This category consists of
i) Earth moving machines, loader, scraper, bulldozers, graders, excavators,
trenching machines, dumpers
ii) Mobile cranes
iii) Mobile mixing plant, pavers for asphalt, road rollers
 Stationary plant

This category consists of:

• Concrete batching plants

• Tower cranes, hoists

• Compressors, pumps, transformers, workshop machines

• Power generating plant

• Aggregate plant

• Stone crushers, screens

• Cement silos, surveying equipment

• Conveyor belts, chain blocks

SCOPE OF COVER
Perils covered
o Fire, explosion, riot & strike, malicious damage.
o Collision & derailment
o Over turning & over toppling

o Operator’s error
o Natural calamities like storm, cyclone, flood, inundation, land

sliding, rock sliding & subsidence & earthquake

o Theft and burglary
EXCLUSIONS
Few important exclusions are as under :
i) Transit from one site to another site
ii) Internal mechanical & electrical breakdowns
Extensions
Policy can be extended to cover
a) Third party liability - personal injury and property
damage.
b) Damage to owner's surrounding property
WHO CAN INSURE ??
 The policy can be taken by any one of the
following parties, either individually or jointly:-
a) Owner of the machine
b) The contractor / user of the construction
machinery
c) The financial institutes who have an interest in
the construction machinery
BASIS OF SUM INSURED

The sum insured of each item of machinery should represent the

current purchase cost of a similar kind & capacity new machine
including all incidental expenses like freight, duty, taxes, cost of
erection etc.

Floater Policy
Machines operating at different sites can be covered in single
policy at additional loading of 10% in premium chargeable.
THANK YOU !!!