This policy is useful for the Contractor or the Owner of plant and machinery and financial institution for their rights and interest involved. All different types of machinery are usually used in construction or erection site and/or manufacturing, processing industries etc. can be covered in this policy.
The policy provides with a comprehensive financial protection against physical loss or damage to the covered machinery when they suffer any unforeseen and sudden physical loss or damage from any cause not specifically excluded in the policy.
The cover shall apply whether the insured items are:
• at work
• at rest
• being dismantled for cleaning/overhauling or during subsequent erection
Usually covering the equipment/machinery like Cranes, Excavator, Bulldozers, Loaders, Dumpers, Bob Cat, Tractors, Compressors, Rollers, Scrapers, Dredgers, Concrete vibrators, Mixer, Welding sets etc to be used or hired to a project site or industries.
The perils covered under this Plan, but not limited to the following:-
• Collision, derailment, toppling over etc.
• Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence,
Landslide, Rockslide, Subsidence, Earthquake, Volcanic Eruption.
• Riot, Strike and Civil Commotion, Malicious Damage, Theft.
• lack of skill, negligence
• Impact and Aircraft Damage, Accidental damage during assembly, dropping or falling or breakage
of sling, collapse and collision
The cover can be extended to include shipment of your machinery by Air, Land or Sea; Owner’s Surrounding Property, Third Party Liability and Costs involving removal of debris.
Usual duration of the policy is 12 months.