Compare and Buy Contractor and Machinery Insurance
It is an All risks policy covering movable plant and machinery owned or financed by the principals or contractors and used on site for various constructions work, repairs & maintenance jobs. The policy covers sudden and unforeseen physical damage to machinery insured by any cause or peril which is not specifically excluded under the policy.
Scope
- All types of machinery, plant and equipment, both electrical and mechanical,
- Option to cover only selected machinery under the policy.
- It provides coverage for machinery at various locations by providing the details of equipments at each location.
Exclusions
- Electrical / mechanical breakdown
- Transit risks from site to site (separate Transit insurance coverage is required)
- Vehicles designed and licensed for general road
- Hull and machinery of waterborne vessel / crafts
- Freezing of coolant or other fluids, defective lubrication, replaceable parts
- Plant / machinery working underground (unless specifically endorsed)
- Total and partial immersion in tidal waters
- Equipments undergoing testing
- Pre-existing defects at inception
- Loss or damage due to explosion of boiler / pressure vessel
- Cost of preparing drawings /patterns /core boxes
- Cost of alteration, improvement, overhauls, modifications, additions, material changes
- Consequential Loss
- Breakage / abrasion of wire or stands of rope / slings of crane
Add On Covers
- Owner's surrounding policy
- Clearance and removal of debris
- Additional custom duty
- Air freight
- Express freight
- Dismantling
- Escalation
- Earthquake
- Third Party Cover
- Floater cover