HDFC ERGO General Insurance - Products - Engineering - Contractor's Plant and Machinery Insurance

HDFC ERGO General Insurance Company Limited

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contractor's plant and machinery insurance

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On a construction site, it's the equipments that have the toughest jobs. Hauling material, excavating earth and debris, generating power almost round-the-clock…But even the most heavy-duty machines can break down, causing heavy losses to your organisation. HDFC ERGO General Insurance Company's Contractor's Plant and Machinery Insurance is the hassle-free way to protect your investment and minimise repair costs.

Scope of Cover:

The policy broadly covers loss or damage to the contractor's construction mobile equipment such as bulldozers, cranes, excavators, compressors, etc., due to an accident arising out of external perils.
The cover is operative while the insured property is at work or at rest or being dismantled for the purpose of cleaning or overhauling, or during subsequent re-erection.

Main Exclusions:

The policy does not cover loss or damage due to:
    Electrical or mechanical breakdown.

    Pre-existing defects.

    Defective lubrication or lack of oil or coolant.

    Any sort of damage for which the manufacturer or supplier is responsible.

    Any consequential loss.

    Loss or damage to vehicle used for general road use, unless working on the specified construction site.

Sum Insured:

The Sum Insured shall be equal to the cost of replacement of the insured property by new property of the same kind and same capacity, which shall mean its replacement cost, including freight, dues and customs duties, if any, and erection costs.

Premium:

The premium depends on the types of equipment, risk location(s) and use of the equipment.

Excess:

The excesses under CPM policy depend on the Sum Insured of the individual machine, the type of machine and whether the claim is due to an Act of God peril or otherwise.

Main Extensions:

    Express freight (excluding air freight), overtime and holiday rates of wages.

    Air freight.

    Insured's own surrounding property.

    Clearance and removal of debris.

    Additional customs duty.

    Escalation.

    Third party liability.

    Earthquake.

    Act of terrorism.

Download Proposal form   (DOC 423 KB)

Download Claim form   (DOC 45 KB)

For more information, please write to us at care@hdfcergo.com. You can also contact us on our Toll Free No. 1800-2-700-700.

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