Contractor's Plant and Machinery Insurance

  •  About Policy 
  •    Scope of Cover 
  •    Period of Cover 
  •    Additional Covers 
  •    Rating 

About Policy

Specially designed to protect the interest of civil contractors, our Contractor's Plant & Machinery Policy ensures that you are well covered against the damage or destruction of various civil engineering projects. These projects include accidental damage to civil construction works, contractor's plants & machinery at the construction site and damage/ defects during the subsequent period of maintenance for which you are liable under the terms of the agreement between the contractors and the principle.

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Scope of Cover

Contactor's Plant & Machinery Policy covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.

 

Period of Cover

The cover will come into effect with the commencement of work or after the items entered in the schedule of the insurance policy have been unloaded at the site whichever is earlier and shall expire on the date specified in the policy. However, company's liability expires for parts of the insured contract, works taken over or put into service by the Principal prior to the expiry date specified in the policy whichever is earlier.

 

Additional Covers

 

  • Third party liability
  • Clearance and removal of debris
  • Additional customs duty
  • Overtime, express freight
  • Owner's surrounding property
 

Rating

Rating depends on:

  • Type of project
  • Period of project
  • Sum insured of project
  • Deductible
  • Location of project
  • Extensions opted
 

Need Help 

Customer Support: 1800-3002-3202 customercare@magma-hdi.co.in

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