What is the policy tenure for contractor plant and machinery insurance?

The policy tenure for contractor plant and machinery insurance is 1 year. However, you can renew your policy annually to continue enjoying its benefits.

Do I need to pay any cancellation charges if I cancel my contractor's plant and machinery insurance?

Policyholders of contractors plant and machinery insurance can cancel their plan by submitting a written notice. The insurer will pay a refund of the premium subtracted from the amount for the duration your policy was active.

What are the factors that affect contractor plant and machinery insurance?

The premium for contractor plant and machinery insurance depends on several factors, like risk exposure and the insurer's underwriting requirements.

What are the exclusions for contractor plant and machinery insurance?

Following are the losses and damages not covered under this insurance policy: Replaceable attachments and parts Mechanical/electrical breakdown Waterborne crafts and vessels Acts of terrorism, war or civil war Wilful negligence Radioactive or nuclear energy or radiation emission

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Contractor’s Plant & Machinery Insurance

Contractors plant and machinery insurance protects manufacturers and construction site owners financially. The plan covers loss or damage caused to machines used in construction sites and manufacturing plants. Additionally, the plan provides financial protection against third-party bodily injuries and property damages caused due to the insured’s operations.

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What is Contractor’s Plant & Machinery Insurance?

Every plant and machinery used at construction sites and at manufacturing units can get damaged anytime. This kind of loss or damage can obstacle the functioning of your overall business. For instance, you own a clothing manufacturing unit, and one piece of machinery got damaged. Your workers will not be able to produce new products, and your logistics and operations team will not be able to meet the demands of your clients.

To protect yourself from this kind of mishap, you must purchase contractor plant and machinery insurance. It is a general insurance policy that protects construction site owners and manufacturers against machinery loss and damages. You can claim your policy if any loss happens due to fire, natural calamities, riots, and more unfortunate perils.

Above all, policyholders can enhance the coverage of their policy by purchasing various add-ons like express freight, air freight, escalation, earthquake, third-party liability, terrorism, additional customs duty, and many others as mentioned in the policy document.

Benefits of Contractor’s Plant & Machinery Insurance

Following are the benefits of contractor plant and machinery insurance:

Comprehensive Protection: This general insurance policy providescontractorive protection to policyholders. Any damage to your plant and machinery caused by perils like fire, riots, natural calamities, and more is covered.
Financial Security: Repair and replacement of plant and machinery might cause a financial burden on you. If you are covered under contractors plant and machinery insurance, the insurance company will compensate for the expenses.
Peace of Mind: Any damage to machinery can hinder your business operations, resulting in trouble for you. However, if you purchase a CPM policy, it will bring peace of mind to you as it provides financial protection against such types of losses and damages.
Third-Party Coverage: One of the great advantages of purchasing contractors plant and machinery insurance is that it provides protection against third-party liabilities. If the plan covers bodily injuries or physical damages caused to a third party at your construction site or manufacturing unit, the insurer will compensate you.

Frequently Asked Question

1
What is the policy tenure for contractor plant and machinery insurance?
The policy tenure for contractor plant and machinery insurance is 1 year. However, you can renew your policy annually to continue enjoying its benefits.
2
Do I need to pay any cancellation charges if I cancel my contractor's plant and machinery insurance?
Policyholders of contractors plant and machinery insurance can cancel their plan by submitting a written notice. The insurer will pay a refund of the premium subtracted from the amount for the duration your policy was active.
3
What are the factors that affect contractor plant and machinery insurance?
The premium for contractor plant and machinery insurance depends on several factors, like risk exposure and the insurer's underwriting requirements.
4
What are the exclusions for contractor plant and machinery insurance?
Following are the losses and damages not covered under this insurance policy:
- Replaceable attachments and parts
- Mechanical/electrical breakdown
- Waterborne crafts and vessels
- Acts of terrorism, war or civil war
- Wilful negligence
- Radioactive or nuclear energy or radiation emission