Tata AIG Contractors Plant and Machinery Insurance

Tata AIG Contractors' Plant and Machinery Insurance provides financial protection to contractors, builders, and construction companies against unforeseen physical damage to their construction equipment and heavy machinery. Whether the machinery is in use, idle, serviced, or relocated within the project site, this insurance ensures that unexpected losses do not disrupt ongoing operations.

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

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

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Tata AIG Contractors Plant and Machinery Insurance Inclusions

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

The policy covers unforeseen physical damage to the insured property, which can be repaired, replaced, or compensated for at the Company's discretion, based on the policy's terms, exclusions, and conditions.
The policy covers insured items listed in the schedule while they are located at the specified location.
The policy covers the insured items whether they are:

In use
Idle or at rest
Being dismantled for cleaning or maintenance
Being moved within the premises
Being reassembled after being shifted
The policy covers only after the machinery has been successfully commissioned.
The policy covers the Company's liability, which is limited to the sum insured for each item, as specified in the schedule, for the policy period.
The policy covers the reinstatement of the sum insured for any item after a claim for the balance of the policy period.

Tata AIG Plant and Machinery Insurance Exclusion

The exclusions under the Tata AIG CPM Insurance policy are as follows:

Loss or damage caused by electrical or mechanical breakdowns, lack of coolant or lubrication, etc., is not covered. However, if this leads to external damage, that part may be covered.
Items that wear out frequently like drills, blades, belts, tyres, batteries, etc., are not covered.
Damage due to the explosion of boilers or internal combustion engines under pressure is excluded.
Damage to vehicles licensed for general road use is not covered unless they’re used only on construction sites.
Hull or machinery damage of watercraft is excluded unless the machinery is mounted on such crafts and used for construction work.
Damage from full or partial immersion in tidal water is not covered.
Loss or damage during transportation from one site to another is not covered. Public liability is also not covered while the equipment is on public roads.
Gradual damage from regular use, rust, corrosion, or storage conditions is excluded.
Damage during testing or using equipment in a way it wasn't designed for is not covered.
Machinery working underground is excluded—except for machines used in tunnelling.
Any damage due to war, invasion, rebellion, riots, or orders by the government or military is not covered.
Loss or damage caused by nuclear reactions, radiation, or radioactive contamination is excluded.

Note: This list is not exhaustive. For the complete set of exclusions, please refer to the official policy wording.

Tata AIG Contractors Plant and Machinery Insurance - FAQs

1. Which machines are typically insured under Tata AIG CPM policy?

Ans: The Tata AIG CPM Insurance insure construction machinery such as excavators, cranes, bulldozers, loaders, compressors, and other similar equipment.
2. Does the policy cover equipment while being transported?

Ans: No, damages during transit aren't covered under the standard CPM policy. You'll need separate transit insurance for that.
3. What are some major exclusions under this policy?
Ans: Some common exclusions include.
- Damage due to mechanical or electrical failures
- Wear and tear or corrosion
- Loss during testing or overloading
- War, nuclear risks, and acts of terrorism
- Damage from willful negligence
Note: Please refer to the policy document for the full list of exclusions.
4. How should I decide the sum insured?

Ans: It should reflect the current replacement value of your machinery, including costs like freight, duties, and installation.
5. Is third-party liability included?

Ans: No, this policy only covers damage to your own equipment. Liability towards third parties can be covered if opted as an add-on.
6. How do I make a claim?

Ans: Report the incident to Tata AIG as soon as possible. Share the necessary documents, photos, and repair estimates. A surveyor may visit to assess the loss.
7. Is there an option for short-term coverage?

Ans: Yes, you may get short-term plans based on your project duration, subject to Tata AIG's terms.

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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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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.

Tata AIG Contractors Plant and Machinery Insurance

Tata AIG Contractors Plant and Machinery Insurance Inclusions

Tata AIG Plant and Machinery Insurance Exclusion

Tata AIG Contractors Plant and Machinery Insurance - FAQs

1. Which machines are typically insured under Tata AIG CPM policy?

2. Does the policy cover equipment while being transported?

3. What are some major exclusions under this policy?

4. How should I decide the sum insured?

5. Is third-party liability included?

6. How do I make a claim?

7. Is there an option for short-term coverage?

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