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What is Contractor’s Plant & Machinery Insurance?

The execution of almost all projects necessary requires use of various types of plant and machinery. The nature and the type of equipment may differ according to the nature, type and location of a project and may even differ at different stages of the project. Such equipment may comprise of cranes, compressors, road-rollers, vibrators, welding sets, hydraulic excavators and the likes. While it is possible to have the contractor’s Plant and Machinery covered under an EAR or CAR Policy at specific project sites, Contractors’ Plant and Machinery (CPM) Insurance has been designed to provide a cover on annual basis to a contractor who may be using his plant and machinery at different projects during the course of the year.

Contractor’s Plant & Machinery Insurance Online
Who needs Contractor’s Plant & Machinery Insurance illustration

Who needs Contractor’s Plant & Machinery Insurance?

The policy can be taken by the Owner, Lessor or Hirer (where responsible either legally or through a leasing agreement) of the Machinery/Equipment.

Why you should Buy ICICI Lombard's Contractor's Plant & Machinery Insurance?

The need of Plant and machinery insurance is more than ever before due to the following reasons

1

One point contact for all requirements.



2

Better understanding of risk, effective underwriting of portfolio and better risk management.

3

Dedicated Risk engineers to cater construction sector clients.


4

Financial strength and supreme claims paying capacity.


Why do you need Contractor’s Plant & Machinery Insurance

It covers all the damage/loss of the insured’s machinery such as cranes, bulldozers, compressors, etc. The advantage of this insurance policy is that it provides cover to the insured’s machineries irrespective of the fact that they are working / at rest/ dismantled for cleaning purposes.

Why buy Contractor’s Plant & Machinery Insurance illustration

What is covered by ICICI Lombard Contractor’s Plant & Machinery Insurance?

Below are the detailed inclusions and exclusions of our Contractor’s Plant & Machinery Insurance

  • It’s an All Risk Policy, i.e., everything is covered except specifically excluded.
  • Excess – but highest single deductible concept applies
  • Loss of or damage to replaceable parts and attachment
  • Damage to vehicles designed and licensed for general road use – unless used exclusively on construction sites
  • Loss of or damage to Hull and machinery of waterborne vessels or crafts
  • Transit loss
  • Testing
  • Earthquake
  • Nuclear
  • Willful negligence
  • Consequential loss or liability of any kind or description
  • Consequential loss or liability of any kind or description
  • Electrical or Mechanical breakdown/ derangement – but as a result if an accident happens causing external damage then such consequential damage is payable
  • Explosion of any boiler or pressure vessel
  • Loss or damage due to total or partial immersion in tidal waters
  • Wear and tear
  • Plant and/ or machinery working underground
  • Terrorism
  • Pre-existing faults
  • Damage for which the supplier or manufacturer is responsible either by law or under contract
  • Inventory loss
  • Pay loaders on barges cannot be covered under CPM

Contractor’s Plant & Machinery Insurance articles

What is Contractors Plant and Machinery Insurance?

The execution of almost all civil engineering projects, like residential & non-residential properties, schools, hospitals, bridges, etc. demands the usage of various plants and machinery to aid their construction and renovation. Bulldozers, cranes, compressors, forklifts, hydraulic excavators are some examples of the machinery used in construction projects.

21 April, 2022
The Top 5 Benefits of Contractor's Plant and Machinery Insurance

In the fast-paced world of construction and infrastructure development, contractors rely heavily on specialised equipment and machinery to get the job done efficiently. From excavators and bulldozers to cranes and concrete mixers, these high-value assets are not only essential but also vulnerable to various risks such as accidents, natural disasters, theft, and damage. This is where Contractor's Plant and Machinery Insurance comes into play, offering extensive coverage tailored specifically for these valuable tools.

14 Dec, 2023
Key Coverage Options in Contractor's Plant & Machinery Insurance Explained

Contractor's Plant and Machinery Insurance is a critical safeguard for businesses operating in the construction and infrastructure sectors. It provides protection against a wide range of risks that can potentially disrupt project timelines and budgets. In this blog, we will explore the key coverage options within Contractor's Plant & Machinery Insurance, helping you understand the importance of each aspect.

23 Nov, 2023

Get answers to common questions about Contractor’s Plant & Machinery Insurance

What does CPM mean in insurance?

Insures Machinery/Equipment
  • during the period of Insurance
  • whilst at the Project Site (or in storage)
The policy can be taken by the Owner, Lessor or Hirer (where responsible either legally or through a leasing agreement) of the Machinery/Equipment.
The policy can be taken by the Owner, Lessor or Hirer (where responsible either legally or through a leasing agreement) of the Machinery/Equipment.

What are the major exclusions under Contractor's plant and machinery insurance policy?

  • Excess – but highest single deductible concept applies
  • Electrical or Mechanical breakdown/ derangement – but as a result if an accident happens causing external damage then such consequential damage is payable
  • Loss of or damage to replaceable parts and attachment
  • Explosion of any boiler or pressure vessel
  • Damage to vehicles designed and licensed for general road use – unless used exclusively on construction sites
  • Loss of or damage to Hull and machinery of waterborne vessels or crafts
  • Loss or damage due to total or partial immersion in tidal waters
  • Transit loss
  • Wear and tear
  • Testing
  • Plant and/ or machinery working underground
  • Earthquake
  • Terrorism
  • Nuclear
  • Pre-existing faults
  • Willful negligence
  • Damage for which the supplier or manufacturer is responsible either by law or under contract
  • Consequential loss or liability of any kind or description
  • Inventory loss
  • Pay loaders on barges cannot be covered under CPM
  • Owner’s Surrounding property
  • Third Party Liability
  • Escalation
  • Removal of debris
  • Inclusion of Express Freight, overhead charges, overtime wages, air freight charges

Any contractor’s plant & machinery equipment like excavators, rollers, dumpers, and earth moving equipment, cranes, drilling machines etc. which are utilized in the construction or Erection site can be covered under this policy.

Yes, it should be informed as each equipment has a unique serial number.

Yes.

What service does this policy provides?

It covers all the damage/loss of the insured’s machinery such as cranes, bulldozers, compressors, etc. The advantage of this insurance policy is that it provides cover to the insured’s machineries irrespective of the fact that they are working / at rest/ dismantled for cleaning purposes.
Just as in the case of other Engineering Policies, the Sum Insured under the CPM Policy also should be equal to the cost of replacement of the machinery equipment by new machinery equipment of the same kind and capacity.
  • Make, Model & Serial no. & Manufacturing year
  • Details of risk location like terrain, UG works
  • Details of project where equipment are to be used
  • Last 5 years premium Vs claim history for equipment
Just as in the case of other Engineering Policies, the Sum Insured under the CPM Policy also should be equal to the cost of replacement of the machinery equipment by new machinery equipment of the same kind and capacity.
Yes, if the Sum Insured is increased during the currency of the policy. Short period scale of rates shall apply to increased amounts.
No. One should opt for Marine Transit policy.

How to register for claim?

  • Web page www.icicilombard.com
  • Homepage / Web claim tracker
  • Call 24 X 7 call centre number 1800 2666
Yes, within 14 days.
None, only policy number required.

UIN No. For Commercial: IRDAN115CP0051V01201920 Product Code: 5005 Product Name:Contractors plant and machinery insurance (Commercial)

UIN No. For Retail: IRDAN115RP0022V01200708 Product Code: 5005 Product Name:Contractors plant and machinery insurance(Retail)

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