Contractors plant and machinery insurance

Machinery plays a vital role in any construction work, and tools & equipment are the main foundation of such construction work. Initiating from hauling and moving to excavate earth and debris generation of power round the clock- it’s all done by machinery. Plants and equipment such as forklift trucks, compressor, piler driving devices, drilling machines account for builders contractor investment. Hence, machinery is the key element of all the construction work. It is very much needed that there is a backup plan if these machinery breaks down as all the work is dependent on the plant and machinery.

But there is a hassle-free way to protect the investment and minimize the repair loss i.e., Contractor’s Plant and Machinery Insurance. This policy protects your business from any probable loss of your investment or repair and replacement costs.  The policy runs on an annual basis and covers the unforeseen and sudden physical loss of or damage to the insured items necessitating its repair or replacement.

This policy provides cover to the damage or loss to the contractors’ construction equipment due to an accident arising out of external perils. The equipment is generally bulldozers, cranes, excavators, compressors, etc. The policy cover is restricted to the insured property only at work, at rest, being dismantled for cleaning or overhauling or during the subsequent re-erection. The policy can be purchased only after successful commissioning of the machinery.  The sum insured need to always equal to the costs of replacement of the insured machinery by new machinery of the same kind.

Risk Birbal can be your guide and help.