Contractor's Plant and Machinery (CPM) Insurance
Contractor's Plant and Machinery (CPM) is an insurance of contractors' plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or re-placement.
| Material Handling: | Construction |
|---|---|
| Fork Lift Truck | Bull Dozers and Road Rollers |
| Cranes | Loaders and Dumpers |
| Chain Pulley Blocks | Diving and Pile Driving Equipments |
| Conveyors |
Handling Equipments, Site Power Generating Plants and Transformers Motors, Compressors and Pumps Escalators and Mixing Plants |
What is Covered?
- Machinery/equipments covered for damage caused by all accidental and un-foreseen situations of external nature
- Policy is on All Risks Basis subject to named exclusions
- Cover is in force when the insured item is at work, at rest or being dismantled for cleaning, overhauling or during subsequent re-erection
- Third Party Liability
- Owners’ Surrounding property
- Removal of debris
- Inclusion of Express Freight, overhead charges, overtime wages, air freight charges
Add- on Covers
What is not covered?
- Electrical or mechanical breakdown - but consequent external damage if any payable.
- Replaceable parts such as bits, knives, ropes, belts, chains etc...
- Transit from one location to another
- Willful negligence
- Loss observed during testing operation or when used for purpose other than designed for
- Excess Stipulated
- Consequential loss of any kind
- War and like perils
