For machinery owners and contractors, this policy provides compensation against potential losses due to equipment damage.
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Contractor's plant and machinery insurance (CPM) is a specialized insurance for contractors and construction companies. It protects against damage or loss to the machinery and equipment used in construction sites and factories. It covers a wide range of both owned and hired-in equipment such as:
It also covers third-party claims against property damage and bodily injury caused at the insured construction site during the tenure of the policy.
It is designed for covering loss or damage to various plants and machinery used on construction sites
Most of the policies have the option to cover only selected machinery under the policy
The insurance premium depends on the type of equipment, use of equipment, location, and risk you are entailing
Anyone of the following parties can take CPM insurance, either individually or jointly
Construction contractors rely heavily on machinery and equipment for their work. Some contractors choose to rent these machines, while others own them. However, if any of these machines get damaged or lost during construction, it can lead to a significant financial loss because these machines require a substantial investment.
A CPM (Construction Plant and Machinery) policy provides insurance coverage for the damage or loss of construction equipment such as compressors, cranes, bulldozers, and excavators. This coverage applies to accidents caused by external events like fires, riots, strikes, vandalism, storms, floods, earthquakes, and so on. Whether the equipment is actively being used, undergoing maintenance, or simply at rest, this insurance policy protects against both partial and total damage.
This is an article by YouStory written by Palak Agarwal and published on October, 2022
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