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Contractors Plant and Machinery Insurance Policy

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Contractors Plant and Machinery Insurance Policy

Benefits

Reliance Contractors Plant and Machinery Policy

​​​​​​​Plants and Machinery like, fork lift trucks, compressors, bulldozers, drilling machines, etc, account for a major part of a contractor's investment. There are various risks associated with damage to these vital plant & machinery’s due to all the toughest work on any project site is done by these plants & machineries. Get Reliance Contractor's Plant and Machinery Insurance Pol​​icy to protect your business from any probable loss of damage or repair and replacement costs of plant & machinery.​

Advantage of Reliance Contractor’s Plant & Machinery Insurance Policy

At any type of construction project, contractor is highly depended on the plant & machinery for work. Damage or physical loss to these plant & machinery can lead to huge loss since these plant & machinery required high amount of investment.

Insurance of these plant & machinery keep the contractor’s relaxed as his/her plant & machinery is protecting against the damage or physical loss. Following are the some of the advantages of "Reliance Contractor’s Plant & Machinery Insurance Policy"​​

​​​​Advantage of Reliance Contractor’s Plant & Machinery Insurance Policy

Cover loss or damage to Insured plant & machinery or construction equipment because of an accident arising due to external perils like Fire, Accidental Damage, Riot, Burglary etc.

Plant & Machinery / Equipment are at work, being dismantled for overhauling or cleaning purposes, or are at rest covered

Selection of Equipment or Plant & Machinery are allowed

Covers current replacement value of Insured equipment or Plant & machinery


​Wh​at does this policy cover?

This Policy is design for covering physical loss or damage to various insured plant & machinery used at project site.

  • This policy provides cover for the: -Insured plant and machinery for any physical damage by any cause (unless specifically excluded)
  • Complete cover on partial or total damage to equipment or machinery
  • Insurance will be offered on current replacement value
  • Policy can be bought only after successful commissioning of the machinery
  • ​Cover for all insured items, whether at work, rest, or being dismantled for cleaning and overhauling​

Add on cover offered with the policy-

  • Owners surrounding policy
  • Clearance and removal of debris
  • Additional customs duty
  • Express freight
  • Air freight
  • Dismantling and shifting to a new location
  • Escalation of cost
  • Earthquake
  • Third Party Liability
  • Terrorism

What does the policy not cover?

  • The excess as stated in the schedule
  • Loss or damage due to electrical or mechanical breakdown/failure
  • Pre-existing faults & damages
  • Loss of or damage to replaceable parts such as bits, drills, knives or other cutting edges, saw blades, dies, moulds etc.
  • Loss or damage due to explosion of any boiler or pressure vessel subject to internal steam or fluid pressure or of any internal combustion engine
  • Loss/damage to insured plant and machinery due to:
    • War and nuclear perils
    • Willful act/negligence of the insured
    • Contractual liability, manufacturers guarantee
    • Consequential loss or liability of any kind or description
  • Damage due to terrorism risk
  • Damage for which the supplier or manufacturer is responsible​
  • ​Any kind of Transit Risk

Disclaimer: For complete list of add on coverage details and exclusion please refer policy wording of Reliance Contractor’s Plant & Machinery Insurance Policy.

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