What is Contractor’s Plant & Machinery Insurance

Contractor’s Plant & Machinery Insurance helps protect your construction equipment from sudden damage or unexpected breakdowns. It covers the repair or replacement costs when machines like compressors, pumps, cranes, or other heavy equipment get damaged during use, while they are idle, or even during maintenance.

What It Covers

This policy takes care of common mechanical and electrical issues that can happen during work. It includes protection for problems like faulty materials or workmanship, damage caused by rotating parts due to centrifugal force, lubrication failure from pump issues, and breakdown of safety devices. It also covers electrical issues such as short circuits or insulation failure.

You’re also covered for situations like sudden stoppage of connected machines, foreign objects entering equipment, and damage caused by operator mistakes or inexperience. These are risks that can easily happen on busy construction sites.

Optional Add-on Covers

If you want extra protection, you can choose add-ons like damage to machine foundations, loss of oil in electrical equipment, express freight charges, overtime or holiday repair costs, air freight expenses, additional customs duty, damage to nearby property, and third-party liability for injury or property damage.

Who Can Take This Policy

This policy is suitable for anyone who owns or has a financial interest in construction or industrial machinery, whether you’re an individual owner or a business.

Machines That Can Be Covered

It covers a wide range of equipment such as compressors, pumps, turbines, transformers, motors, generators, and other industrial or construction machinery used on site.

Sum Insured

The insured value should match the real replacement cost of a similar new machine, including taxes, freight, duties, and other related expenses. If the machine is underinsured, the claim amount may be reduced accordingly.

Disclaimer

This content is meant only for general understanding. Please refer to the official policy document for complete and accurate details, including terms, conditions, and exclusions.