ICICI Lombard Contractors Plant and Machinery Insurance offers financial protection for construction and project-related machinery against accidental physical damage or loss. It is designed for businesses that depend on heavy equipment, such as cranes, loaders, mixers, and excavators, during infrastructure or civil works.
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The Contractors Plant & Machinery Insurance covers the following:
The add-ons under the ICICI CPM Insurance are as follows:
The exclusions under the Contractors Plant and Machinery Insurance policy are as follows:
Disclaimer: This is not an exhaustive list. For complete details on all exclusions, please consult the official policy document
Ans: This insurance is ideal for contractors, infrastructure developers, and businesses that rely heavily on machinery like excavators, cranes, and earth-moving equipment.
Ans: Coverage begins once the machinery is successfully installed, commissioned, and ready for operation
Ans: The policy typically covers a wide range of construction equipment, such as backhoe loaders, concrete mixers, bulldozers, compressors, and more, based on what's declared and accepted in the proposal.
Ans: Yes, ICICI Lombard's CPM policy extends protection whether the machinery is in operation, idle, or undergoing maintenance activities like cleaning or overhauling.
Ans: Yes, provided such activities are part of regular operations and within policy terms, the cover usually includes dismantling relocation, or reassembly.
Ans: Third-party liability is not part of the basic cover but can be opted for through additional endorsements or add-ons..
Ans: Some standard exclusions include normal wear and tear, electrical or mechanical breakdowns, existing defects, damage during transit, or any loss caused by negligence or unlawful acts.
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