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.

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Get ₹30 lakh insurance cover starting at ₹10,000⁺ for a 1 year project

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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
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

1. Who should buy ICICI Lombard's CPM Insurance policy?

Ans: This insurance is ideal for contractors, infrastructure developers, and businesses that rely heavily on machinery like excavators, cranes, and earth-moving equipment.
2. When does the policy come into effect?

Ans: Coverage begins once the machinery is successfully installed, commissioned, and ready for operation
3. What types of equipment are covered under the ICICI CPM Insurance policy?

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.
4. Is machinery covered when not in use?

Ans: Yes, ICICI Lombard's CPM policy extends protection whether the machinery is in operation, idle, or undergoing maintenance activities like cleaning or overhauling.
5. Does the policy include coverage during shifting or dismantling?

Ans: Yes, provided such activities are part of regular operations and within policy terms, the cover usually includes dismantling relocation, or reassembly.
6. Are third-party liabilities covered?

Ans: Third-party liability is not part of the basic cover but can be opted for through additional endorsements or add-ons..
7. What are the common exclusions in this policy?

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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Policybazaar for Business - Plant Machinery Insurance - Customer Reviews

View all 13 reviews

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4.4

out of 5

Based on 13 reviews

3 users

10 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

13 Review Item

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⁺Premium varies on the basis of Occupancy, Business Activity & Coverage Type
By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

ICICI Lombard Contractors Plant and Machinery Insurance

ICICI Lombard Contractors Plant and Machinery Insurance Inclusions

ICICI Contractors Plant and Machinery Insurance Add-ons

ICICI Lombard Contractors Plant & Machinery Insurance Exclusions

ICICI Lombard Plant and Machinery Insurance - FAQs

1. Who should buy ICICI Lombard's CPM Insurance policy?

2. When does the policy come into effect?

3. What types of equipment are covered under the ICICI CPM Insurance policy?

4. Is machinery covered when not in use?

5. Does the policy include coverage during shifting or dismantling?

6. Are third-party liabilities covered?

7. What are the common exclusions in this policy?

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