Contractors Plant & Machinery Insurance

Highlights

This policy covers all different types of machinery used for handling material or construction.

Scope

• The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy.
• The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.

The main exclusions of the policy are:

• Loss or damage due to any internal electrical or mechanical breakdown, defective lubrication, lack of oil or coolant although any consequent external damage is payable.
• Loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc.
• Loss or damage whilst in transit from one location to another.
• Loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions.
• Loss or damage during testing operation or whilst being used for a purpose other than designed for.
• Loss or damage to machinery working underground.
• Loss or damage for which the supplier or manufacturer is responsible either by law or under contract.

Add on Covers

• The policy can be extended to cover:
• Third party liability - personal injury and property damage.
• Damage to owner's surrounding property.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.