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United India Industrial Insurance |
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Contractors Plant & machinery Policy
We Cover
Various types of mobile equipments like earthmovers, excavators, cranes in particular location are covered. The policy is restricted to a particular location.
Who can be Insured ?
The owners of the plant and machinery. Financier interest if any involved is preserved by including it as a joint name.
What is insured ?
CPM Policy can be issued by covering equipment on Anywhere in India basis with the following provisions:
1. Full description with identification no. of each and every equipment with valuation should be declared.
2. Transit risks from site to site will be excluded.
3. Loading of 10% on the basic CPM rate shall be charged to cover floater risks.
Insured against what risk?
This policy shall cover any unforeseen and sudden physical damage to the property by any cause not specially excluded. This policy shall apply to the insured item whether:
• They are at work
• or at rest
• or being dismantled for the purpose of cleaning or overhauling
• or when being shifted within the premises
• or subsequent re-erection.
What will Policy Pay and how much?
Partial loss
Full cost of replacement of parts plus repair charges, cost of dismantling and re-rection. Depreciation is applied only for the parts with limited life. If the repair works are undertaken by the insured, actual material and labour costs plus a reasonable quantum of overheads is payable. Salvage is deducted. If the suminsured is not adequate, policy pays only proportionately.
Total loss
The actual market value of item immediately before the occurrence of loss, less salvage and depreciation subject to adequacy of suminsured
In both cases freight and customs duty are also paid if they are included in suminsured. Policy excess is deducted from the claim.
What will policy not pay ?
Loss or damage due to: -
1. Electrical or mechanical breakdown or boiler explosion .
2. Replaceable parts like bits, knives, ropes & bolts, chains etc., wear and tear, corrosion, damage whilst in transit, war and nuclear perils.
3. When undergoing test or while used for a purpose different from what was originally intended .
4. Damage due to accidents to carrying vehicle /train/vessel/and craft.
5. Damage to plant & machinery working underground .
6. Contractual liability, consequential loss, existing defect, inventory loss.
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