HDFC ERGO Contractors Plant & Machinery Insurance Policy

Contractors Plant & Machinery Insurance Policy

The toughest job on any construction site is done by the tools and equipments. From hauling and moving materials to excavating earth and debris, generation of power round the clock – it’s all done by machinery. but what happens when the heavy machinery breaks down?

HDFC ERGO’s Contractor’s Plant and Machinery Insurance is the hassle-free way to protect your investment and minimise repair costs.

  • The policy broadly covers loss or damage to the contractor’s construction modile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an Accident arising out of external perils.
  • The cover is operative while the insured property is at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or during Subsequent re-erection.
  • Express freight (excluding air freight), overtime and holiday rates of wages
  • Air freight
  • Owner’s surrounding property
  • Clearance and removal of debris
  • Additional customs duty
  • Escalation
  • Third party Liability
  • Earthquake
  • Act of terrorism
  • The Sum Insured shall be equal to the cost of replacement of the insured property by new property of the same kind and same capacity, which shall mean its replacement cost, including freight, dues and customs duties, if any, and erection costs.
  • The premium depends on the type of equipment, risk, location(s) and use of the equipment.
  • The excesses under CPM policy depend on the Sum Insured of the individual machine, the type of machine and whether the claim is due to an Act of God peril or otherwise.

The policy does not cover loss or damage due to:

  • Electrical or mechanical breakdown
  • Pre-existing defects
  • Defective lubrication or lack of oil or coolant
  • Any sort of damage for which the manufacturer or supplier is responsible
  • Any consequential loss
  • Loss or damage to vehicles used for general road use, unless working on the specified construction site