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 minimize repair costs.
The policy broadly covers loss or damage to the contractor’s construction mobile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an Accident arising out of external perils. Read More...
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.
Electrical or mechanical breakdown does not get covered.
Pre-existing defects does not get covered.
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
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 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 premium depends on the type of equipment, risk, location(s) and use of the equipment.
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