Contractor Plant & Machinery Insurance

Contractors, construction companies, equipment leasing firms, and infrastructure developers who rely on heavy machinery should consider this insurance.

Yes, the policy covers machinery while in use, at rest, or being moved within the site.

Excavators, cranes, loaders, bulldozers, and other equipment used in construction can be covered under this policy.

Damage during transportation is excluded unless specific transit coverage is added as an add-on.

Yes, the policy typically covers damage due to natural disasters like floods, earthquakes, storms, and landslides.

Exclusions include wear and tear, mechanical breakdown, damage during transit (unless covered), and intentional misuse.

The claim amount is based on the cost of repair, reinstatement, or replacement, up to the sum insured.

Yes, add-ons like transit coverage, debris removal, and loss of hire charges can be added to enhance the policy.

You’ll need a claim form, proof of damage (photos/videos), maintenance records, and repair estimates.

Yes, the policy typically covers theft or burglary of machinery from the insured site.

Yes, leased machinery can be insured, and equipment leasing companies often purchase this coverage.

Damage caused by intentional misuse or overloading of machinery is excluded from coverage.

Yes, fire, explosions, and lightning are usually covered under the policy.

Damage to machinery used in underground operations is generally excluded, except for specific tunneling machinery.

Notify the insurer immediately, document the damage, and submit a claim form with all required evidence.

The insurer will send an assessor to inspect the damage and verify the claim before approving repairs or replacement.

Yes, damage from extreme weather like storms or floods is typically covered.

Yes, the policy covers machinery even when it’s dismantled for cleaning, maintenance, or overhauling.

The sum insured is the value of the machinery as specified in the policy schedule, which determines the maximum claimable amount.

Yes, the policy covers repair costs up to the sum insured.

Yes, you can request to add coverage, such as transit coverage or third-party liability, during the policy term.

Add-ons include transit coverage, debris removal, express freight, and loss of hire charges.

The claim process typically takes a few weeks, depending on the complexity of the case and the submission of required documents.

Third-party liability can be added as an optional cover to protect against damages caused to third-party property or injury due to machinery operation.

The policy will cover the damage to all affected items, up to the sum insured for each item.

Yes, the policy covers machinery whether it is in operation or at rest.

Yes, replaceable parts such as bits, drills, and blades are generally excluded.

Yes, machinery used for rental purposes can be covered under the policy.

Debris removal can be added as an optional cover to manage the cleanup costs after an insured event.

No, damage due to intentional overloading or misuse is excluded from the policy.

Claims must be reported immediately after the damage occurs, with specific deadlines for filing claims based on the policy terms.

Yes, newly purchased machinery can be insured under this policy as per the sum insured in the schedule.

No, damage due to nuclear risks, radiation, or contamination is excluded.

No, the policy is non-transferable and will need to be reassigned under a new contract for the new owner.

Damage caused by the explosion of boilers or pressure vessels is excluded.

The sum insured is typically the current market value or replacement cost of the machinery.

Theft or burglary is covered under the policy, provided it occurs within the insured premises.

Yes, vandalism or intentional damage caused by third parties is generally covered under the policy.

The excess is the amount the insured must bear before the insurance coverage kicks in, and it is specified in the policy schedule.

Machinery mounted on waterborne vessels for contract work may be covered, but the hull and vessel itself are excluded.

Damage caused during testing or trial runs is typically excluded unless the machinery is being used for its intended purpose.

This policy generally covers machinery used within India unless an extension for international coverage is added.

The claim amount is settled based on the repair costs or the replacement value, subject to the sum insured in the policy.

Take reasonable steps to mitigate the loss and prevent further damage, such as moving the equipment to a safer area or halting operations.

Yes, if the machinery is used for contract work on waterborne vessels, it can be covered, but the hull and other vessel parts are excluded.

No, damage caused by civil war, rebellion, riots, or other political disturbances is excluded.

Yes, you can request to increase the sum insured during the policy term, subject to the insurer’s approval.

Electrical breakdown is excluded unless it causes external damage to the machinery.

Machinery is covered even while it’s dismantled for cleaning, maintenance, or overhauling, provided it’s specified in the policy.