Contractors Plant and Machinery Insurance protects contractors and construction companies against financial losses due to damage or theft of their machinery and equipment. The insurance covers a wide range of construction machinery and equipment, including cranes, bulldozers, excavators, compressors, generators, and more. Additionally, the CPM policy covers third-party claims against bodily injury and property damage caused at the insured construction site during the policy tenure.
Salient Features of Contractors Plant and Machinery Insurance
Following are the key features of the Contractors plant and machinery insurance coverage:
- Contractor plant and machinery insurance is designed to cover loss or damage to various plants and machinery used on project sites.
- There is an option to cover only selected machinery under the policy.
- Insurance is provided based on the current replacement value.
- Policy purchase is available only after successful commissioning of the machinery.