Contractors Plant and Machinery Insurance

Contractors Plant and Machinery Insurance protects contractors and construction companies against financial losses due to damage or theft of their machinery and equipment. The insurance covers a wide range of construction machinery and equipment, including cranes, bulldozers, excavators, compressors, generators, and more. Additionally, the CPM policy covers third-party claims against bodily injury and property damage caused at the insured construction site during the policy tenure.

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Why is Contractors Plant and Machinery Insurance Required?

Construction is a world of constant challenges, where risks hide around every corner. From machinery malfunctions to unforeseen accidents, the potential for disruption is always present on busy job sites.

These incidents can bring projects to a grinding halt, causing not just financial strain but also disrupting timelines and damaging reputations. This is where Contractors Plant and Machinery (CPM) Insurance becomes indispensable. By providing protection against equipment damage, theft, and breakdowns, CPM Insurance acts as a safety net for construction companies, ensuring that projects can weather any storm.

Who Should Purchase Contractor Plant and Machinery Insurance Policy?

Contractors' Plant and Machinery Insurance, also known as Construction Equipment Insurance, is essential for various entities involved in construction projects, including:

  • Construction Companies 
  • Contractors 
  • Equipment rental companies 
  • Project Owners
  • Subcontractors

Salient Features of Contractors Plant and Machinery Insurance

Following are the key features of the Contractors plant and machinery insurance coverage:

  • Contractor plant and machinery insurance is designed to cover loss or damage to various plants and machinery used on project sites.
  • There is an option to cover only selected machinery under the policy.
  • Insurance is provided based on the current replacement value.
  • Policy purchase is available only after successful commissioning of the machinery.

What is Covered Under Contractors Plant and Machinery Insurance?

The Contractors Plant and Machinery policy (CPM Insurance) covers the following:

  • CPM Policy covers the physical loss or damage to the insured’s plant and machinery at project sites.
  • Comprehensive protection against physical damage by any cause unless explicitly excluded.
  • Complete coverage for partial or total damage to equipment or machinery.
  • Coverage extends to all insured items, whether in operation, at rest, or undergoing dismantling for cleaning and overhauling.

What is Not Covered Under Contractor Plant and Machinery Insurance?

The common exclusions under contractors' plant and machinery insurance coverage (CPM Insurance) are as follows:

  • Damage due to terrorism risk
  • Loss or damage due to electrical or mechanical breakdown/failure
  • Pre-existing faults & damages
  • Loss or damage due to the explosion of any boiler or pressure vessel
  • The excess, as stated in the schedule
  • Damage for which the supplier or manufacturer is responsible
  • Any kind of Transit Risk

Loss/damage to insured plant and machinery due to:

  • Willful act/negligence of the insured
  • Contractual liability, manufacturer's guarantee
  • Consequential loss or liability of any kind or description

Contractors Plant and Machinery Insurance Coverage: Add-Ons

On payment of an additional premium, you can opt for the following add-ons under the contractors plant and machinery policy (CPM insurance):

  • Express freight
  • Terrorism
  • Earthquake
  • Additional customs duty
  • Escalation of cost
  • Dismantling and shifting to a new location
  • Owners surrounding policy
  • Clearance and removal of debris
  • Third-Party Liability
  • Air freight

Contractors Plant and Machinery Insurance: Claim Process

To initiate the claims process for your CPM insurance policy, adhere to the following steps:

  1. Inform Your Account Manager: Quickly notify your designated account manager about the incident.
  2. Fill and Submit Claim Form: Complete the provided claim form and submit it to your account manager to officially commence the claims process.
  3. Assessment and Claim Registration: Your submitted details will promptly be forwarded to the insurance company for thorough
  4. Engagement of Surveyor: Following claim initiation, the insurer will engage a qualified surveyor to evaluate the situation and ascertain the extent of the damages.
  5. Documentation Provision: After the survey, the appointed surveyor will guide you through the necessary documentation process. Ensure timely submission of all required documents as instructed.
  6. Approval of Claim and Funds Release: Upon completion of the evaluation process and approval of your claim, the insurance company will expeditiously release the claim funds to facilitate the prompt resolution of the incident.

Note: The insurer will carefully review the terms and conditions outlined in your policy to determine eligibility for coverage regarding the reported incident. Consequently, the decision to accept or reject the claim will be at the discretion of the insurer.

Why Should You Purchase Contractors Plant & Machinery Insurance via Policybazaar for Business?

  • Expert Advice: Our team of business risk consultants offers personalized guidance designed specifically for your individual needs and preferences.
  • 365-Day Claims Assistance: Available every day of the year, our team of claims specialists ensures efficient and smooth processing of your claims, ensuring constant support throughout.
  • Assigned Relationship Manager: Upon enrollment, you'll be assigned a dedicated relationship manager who provides continuous support and guidance to safeguard your business against potential risks.
  • Competitive Pricing: Leveraging our vast network of insurer alliances, we provide competitive pricing from leading insurers, ensuring you receive the most favourable rates in the market without compromising on service excellence.

Contractors Plant & Machinery Insurance (CPM Insurance) -FAQ's

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Policybazaar for Business - Plant Machinery Insurance - Customer Reviews
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4.4/5
Based on 13 reviews
4.4
out of 5
Based on 13 reviews
3 users
10 users
0 users
0 users
0 users
4.5 March 02, 2022
Kishan
Ideal Process
My insurance plan provides cover for all sorts of damages and injuries. I was looking for a plan like this. I have found it on a good price from Policybazaar.
Bokaro
4 February 26, 2022
Ishan
No Spending Costs
With a sudden malfunction in the machinery, one of the worker broke a pack of bricks. We were able to get settlemnt for it from our insurance and were able to get a new set without spending costs.
Bilaspur
4.3 February 22, 2022
Anurag
Owner Property Coverage
As we were working on a site we took owner s surrounding property cover so that in case of mishap, we would be prepared for compensation.
Faridabad
5 February 18, 2022
Harshal
Freight Insurance
As we had to transport certain equipment, we booked air freight insurance for it to secure it against any damages. The insurance was rather affordble.
Kannur
4.5 February 14, 2022
Shreyash
Didnt Have To Pay Out Of Poacket
At one of the debreis removal sites, we had a slight accident and there was third party damages. Thankfully we had the insurance coverge with us and we didnt have to pay out of pocket for the damages.
Bikaner
5 February 10, 2022
Gautam
Claim Settlement For Vandalism
My cranes and other equipment were vandalised at night. i was able to get a claim settlement for the damages.
Amritsar
5 February 09, 2022
Jitendra
Add Ons That Are Needed
We have added the add ons of owners property, debreis removal, earthquake and third party liability in our policy coverage which provides us the deal that we needed. We had bought it from PolicyBazaar on cheap premiums.
Agara
4.5 February 09, 2022
Ram
Protection Against Da For Low Premiums
The recent project started by our company involves the isage of heavy machineries. Sometimes machineries get damaged on their way to site or due to some other reasons. We have bought the contractos plant and machinery insurance to ensure the safety against such damages. we have bought it on PolicyBazaar with premiums at 1000 only.
Hathras
4 February 01, 2022
Umakant
Good Packages
Buying plant and machinary insurance has proven to be beneficial for us. It protects us against a lot of things stike, theft, accident, fire and amny other things. It is an amzing packaging.
Agartala
4.3 January 31, 2022
Vikas
Time Saving
We have a heavy machine comapny. We needed insurance for it but as we were too busy we couldnt have the liberty to go down to the insurance office. We looked up online and found PolicyBazaar. We chose the online procedure which not only saved us time but gave us what we needed.
Kolar

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