ICICI Lombard Contractors Plant and Machinery Insurance

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.

₹30 Lakh cover starting at ₹10,000/year/project⁺

Safeguard your most valuable assets from

sudden breakdown

accidental loss/damage

human errors

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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