Commercial Plant and Machinery

Contractors Plant and Machinery Insurance or CPM insurance is an all-risk insurance policy that offers coverage for the plant and machinery of a contractor for various worksite. Machinery & plants including forklift trucks, bulldozers, compressors, drilling machines etc are generally operated in harsh conditions and therefore are very vulnerable to damage. Such Machine damages and breakdown can also halt the completion of the on-going project and thus can put other things at risk. In such a situation, the CPM policy act as a saviour, thus providing coverage against any unforeseen damages or loss to the plant and machinery.

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Benefits of a CPM Insurance Policy

Machinery and plants at any construction site need huge investment and physical loss or damage to the machinery and plants can cause major loss. Machinery and plant insurance act as a safeguard against any damage or loss. There are various advantages of a CPM insurance policy

1) It offers coverage against any damage or loss to insured plants and machinery or construction equipment as a result of an accident that arises because of external hazards like accidental damage, fire, burglary, riot, etc.

2) Majority of the CPM insurance policies offer coverage for the replacement of the machinery as per to its current replacement price.

3) A CPM policy also offer the freedom to the contractor to choose the plant and machinery & even its equipment.

General Inclusions

The general inclusions under CPM policy are:

cover for insured machinery and plant against any physical damage due to any reason whatsoever unless it is specifically excluded.

The CPM insurance policy is provided as per the current replacement value of the machinery.

Most CPM Insurance plans provide complete or partial cover or total damage for the equipment or machinery.

The policy can be bought after the successful inspection and commission of the missionery.

It offers coverage for all the insured item no matter whether they are at rest or work or even dismantled for overhaulinn or cleaning.

Add-on covers:

An add-on cover can be bought for addition of more coverage to the selected insurance plan.

The add-ons offered by a CPM insurance policy are:

Owners surrounding policy
Additional customs duty
Removal and clearance of debris
Express freight
Shifting and dismantling to a new location
Airfreight
Earthquake
Escalating of cost
Liability of third party
Terrorism

General Exclusions:

Damage or loss as a result of mechanical or electrical breakdown or failure

Pre-existing damage and faults

Damage or loss of replaceable parts like drills, bits, cutting edges or knives, saw blades, molds, dies etc

Damage or loss because of the explosion of the pressure vessel or boiler or boiler subject to fluid pressure vessel or boiler subject to fluid pressure or internal steam or because of any internal combustion regime.