This policy covers construction plant and machinery while at the construction site.
What is insured:
All construction equipment like Excavators, Bull Dozers, Pavers, Tippers, Cranes, Crushers, Batch Mixing Plants and the like, whilst work, or at rest or being dismantled and re-erected for repairs or overhauling
Who can Insure:
The owner, contractors, builders, financiers, bankers, mortgagees and the like whoever has a financial interest in the equipment/machinery.
What is covered:
Loss or damage to the equipment/machinery caused by any accidental external and fortuitous events like fire, explosion, impact damage, rolling over/toppling/capsizing, fall from a height, sliding, skidding, and the like subject to any expressly excluded perils/losses
The equipment/machinery is covered whilst in any particular location. However, the machinery can be covered anywhere in India basis subject to all locations being intimated with full details.
While transit from one place to another in the project site is covered, transit between one site and another site is not covered under this policy
The plant and machinery under this policy should be covered for current replacement value irrespective of the original invoice value and the age of the equipment/machinery