Reliance General Insurance
Reliance General Insurance
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Reliance Contractor's Plant and Machinery Policy Features

Construction sites require various types of machinery and equipment. All these are exposed to many risks, alongwith the exposure to natural calamities. The Reliance Contractor's Plant and Machinery Policy covers the insured against any loss or damage to machinery and equipment at the project site.

Key Benefits:

  • Complete cover on partial or total damage to equipment or machinery
  • Insurance will be on the basis of the current replacement value, so that the insured has to contribute minimal additional capital

Reliance Contractor's Plant and Machinery Policy Coverage

This policy provides cover for the:

  • Insured plant and machinery for any physical damage by any cause (unless specifically excluded)
  • Policy can be brought after successful commissioning of the machinery or the insured items
  • Covers the insured machinery at work, at rest, or being dismantled for cleaning and overhauling.

The cover provided will be as follows:

Partial Loss as calculated below:

  • Actual cost of the machinery
  • Includes labour charges, freight, customs duty
  • Includes charges for dismantling and re-erection
  • Deducts excess applicable to the affected item from the claim
  • Applies depreciation for items with limited life

Total Loss as calculated below:

  • Actual value of items immediately before the occurrence of loss
  • If under insured, claim will be paid only on a proportionate basis

Additional cover

You can also choose some optional covers for an extra premium:

  • Owner's surrounding policy
  • Clearance and removal of debris
  • Additional custom duty
  • Express freight
  • Air freight
  • Dismantling and shifting to a new location
  • Escalation of cost
  • Earthquake
  • Third Party Liability
    • For any one accident
    • For all accidents during the period

Reliance Contractor's Plant and Machinery Policy Exclusions

We would like our policy to be as transparent as possible and hence would like you to know some of the major exclusions under the policy.

  • Excess as specified in the Schedule
  • Loss discovered only at the time of taking an inventory
  • Normal wear and tear, gradual deterioration due to atmospheric conditions or lack of use, or obsolescence, rust, scratching of painted or polished surfaces, or breakage of glass
  • Loss or damage due to faulty design
  • The cost of replacement, repair, or rectification of defective material and/or workmanship
  • The cost necessary for rectification or correction of any error during construction unless resulting in physical loss or damage
  • Loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidence of debt, notes, securities, cheques, and packing materials such as cases, boxes, and crates
  • Any damage or penalties on account of the insured's non-fulfillment of the terms of delivery or completion under his Contract of construction, etc.
  • Loss of or damage to vehicles licensed for general road use, or water borne vessels, or machinery/equipment mounted, or operated, or fixed on floating vessels/craft/barges or aircraft.
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Reliance 

General Insurance Company

 Limited. All rights reserved
Registered Office: 
Reliance General Insurance,
Reliance Centre, 19 Walchand Hirachand Marg, Ballard Estate, Mumbai, Maharashtra - 400001
IRDA Reg. No. 103 dated 23/10/2000. Insurance is the subject matter of solicitation.

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