Contractor Plant and Machinery Policy
Any Query on this policy mail us at:
More Industrial Policies
This policy covers all different types of machinery used for handing material or construction.
This policy covers all different types of machinery used for handing material or
Who can take the policy?
The policy can be taken by any one of the following parties, either
individually or jointly :-
- The owner of the machine
- The contractor / user of the construction machinery
- The financial institutes who have an interest in the construction
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 break down,
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
loss or damage during testing operating or whilst being used for a purpose
other than designed for.
loss or damage to machinery working under ground.
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.
How to select the sum insured?
The sum insured of each item of machinery should represent the current purchase
cost of a similar new machine including all incidental expenses like freight,
duty, taxes, cost of erection etc.
How to claim?
In the event of any loss or damage giving rise to a claim under the policy, the
following steps should be taken:-
take necessary steps to minimise the loss.
inform insurance company immediately.
extend full cooperation to the surveyor deputed by the company.
submit duly filled in claim form along with necessary documents to substantiate
the financial loss suffered as a result of the accident.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.
More Industrial Insurance