Plants and equipments like fork lift trucks, compressors, bulldozers, pile driving devices, drilling machines etc account for a major part of a building contractor’s investment. There are various risks associated with damage to this vital equipment. Avail Reliance Contractor's Plant and Machinery Policy to protect your business from any probable loss of your investment or repair and replacement costs.
This policy provides cover for the:
- Insured plant and machinery for any physical damage by any cause (unless specifically excluded)
- 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
The cover provided will be as follows:
- Partial Loss, calculated as under:
- Actual cost of the machinery
- Labour charges, freight, and customs duty
- Charges for dismantling and re-erection
- Excess applicable to the affected item is deducted from claim
- Depreciation will be applied for items with limited life
- Total Loss, calculated as under:
- Actual value of items immediately before the occurrence of loss
- If under insured, claim will be paid only on proportionate basis
You can also choose some optional covers for an extra premium:
- 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
- For any one accident
- For all accidents during the period
This policy does not cover:
- The Excess as stated in the Schedule
- Loss or damage due to electrical or mechanical breakdown/failure
- 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 of or damage to vehicles designed and licensed for general road use unless these vehicles are exclusively used on construction site
- Loss or damage due to total or partial immersion in tidal waters
- Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, corrosion, rust, or deterioration due to lack of use and normal atmospheric conditions)
- Loss of or damage to plant and/or machinery working underground. (This does not apply to machineries used in tunneling works).
- 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
