ICICI Lombard Contractors Plant and Machinery Insurance

ICICI Lombard Contractors Plant and Machinery Insurance Inclusions

The Contractors Plant & Machinery Insurance covers the following:

• Offers protection against physical loss or damage to insured machinery and equipment, except for causes that are specifically excluded in the policy terms.
• The sum insured is typically determined based on the present-day replacement cost of the equipment.
• Policies generally offer flexibility in coverage, including options for partial loss, complete loss, or total damage to the machinery.
• Coverage can be availed once the equipment has been installed and is operational.
• Protection is extended to the machinery regardless of whether it is in use or idle.
• The insurance also remains active during dismantling, maintenance, cleaning, or overhaul operations.

ICICI Contractors Plant and Machinery Insurance Add-ons

The add-ons under the ICICI CPM Insurance are as follows:

• Extra charges related to customs duties
• Costs associated with debris removal or site clearance
• Coverage for damage to the property surrounding the insured machinery
• Protection during equipment relocation or dismantling
• Transportation or freight-related expenses
• Third-party liability coverage

ICICI Lombard Contractors Plant & Machinery Insurance Exclusions

The exclusions under the Contractors Plant and Machinery Insurance policy are as follows:

• Losses resulting from internal electrical or mechanical breakdowns
• Any existing defects or damage present before the policy began
• Wear and tear of consumable or replaceable parts like saw blades, knives, or drills
• Explosions involving boilers or pressure vessels
• Earthquake-induced damage to the insured equipment
• Losses stemming from acts of terrorism
• Damage to road-registered vehicles, unless they are primarily and extensively used at construction sites
• Loss or damage occurring while the machinery is in transit
• Incidents linked to nuclear energy operations
• Any harm caused by deliberate or reckless actions of the policyholder
• Losses resulting from internal electrical or mechanical breakdowns
• Any existing defects or damage present before the policy began
• Wear and tear of consumable or replaceable parts like saw blades, knives, or drills
• Explosions involving boilers or pressure vessels
• Earthquake-induced damage to the insured equipment
• Losses stemming from acts of terrorism
• Damage to road-registered vehicles, unless they are primarily and extensively used at construction sites
• Loss or damage occurring while the machinery is in transit
• Incidents linked to nuclear energy operations
• Any harm caused by deliberate or reckless actions of the policyholder

Disclaimer: This is not an exhaustive list. For complete details on all exclusions, please consult the official policy document

ICICI Lombard Plant and Machinery Insurance - FAQs