Execution of almost all projects necessary requires use of various types of plant and machinery. The nature and the type of equipment may differ according to the nature, type and location of a project and may even differ at different stages of the project. Such equipment may comprise of cranes, compressors, road-rollers, vibrators, welding sets, hydraulic excavators and the likes. While 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 a cover on annual basis to a contractor who may be using his plant and machinery at different projects during the year.
It covers all the damage/loss of the insured’s machinery such as cranes, bulldozers, compressors, etc. The advantage of this insurance policy is that it provides cover to the insured’s machineries irrespective of the fact that they are working/ at rest/ dismantled for cleaning purposes.
It’s an All-Risk Policy, i.e., everything is covered except specifically excluded. The policy can be taken by the Owner, Lessor, or Hirer (where responsible either legally or through a leasing agreement) of the Machinery/Equipment.
Additional add-ons one should buy with this policy:
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