Contractor Insurance

The plant and machinery insurance can be bought by contractors and businesses. If there is an anticipation of a breakdown or damage of the earthmoving equipment or machinery, the insurance policy can be purchased.

A policy can be purchased by a principal contractor or a sub-contractor by the policy

  • Individuals-Owner of one or more earthmoving machinery or excavation devices.
  • Financial institutions which invest in construction projects. The actual user of machinery.
Contractors

The construction machine will play important role in undertaking various Kind of large projects. Heavy machines are used in the construction Of buildings, bridges, roads, and manufacturing units.The country Will move forward by providing the basic infrastructure.

Benefits Of Plant And Machinery Insurance
The plant and machinery policy will protect your asset and revenues. The policy covers the following risk factors:
  • Construction equipment such as excavators, cranes, forklift trucks, bulldozers, compressors, pile driving devices, and other heavy machinery.
  • The accidental loss at the construction premises.
  • The mobile machinery is covered during idle conditions as well as running conditions.
  • The insurance coverage is applicable while over-hauling, cleaning, and re-erection the equipment.
  • The downtime of machinery can be reduced and the operational efficiency can be enhanced.
Reinstate Value Insurance

SA-The sum assured will be equivalent to the replacement of the damaged item with a new item. The replacement will be done with the same quality and quantity of items. The replacement cost includes the procurement cost.

Insurance Premium
The following factors will influence the insurance premium
  • The type of equipment
  • Make and model of equipment
  • Purpose of equipment
  • Frequency of usage
  • Location
  • Type of project
  • Risk factors associated with the use of equipment.