Plant & Machinery

What is Plant & Machinery Insurance?

A Plant and Machinery insurance policy is a legally binding agreement between the policyholder and the insurance company that offers financial protection to factory owners/contractors who possess large machines and manufacturing plant locations. It protects your business from any probable loss of damage or repair and replacement costs of plant &machinery. ​The kind and type of equipment used in a project may vary depending on the nature, type, and location of the project, and may even vary at different phases of the project. Cranes, compressors, road rollers, vibrators, welding sets, hydraulic excavators, and other similar types of equipment are used and covered.

Who should purchase this policy?

This policy is suitable for anyone who falls under any of the given categories –

  • Owner of a factory
  • Owner of machinery/equipment
  • Hirer of machinery/equipment
  • Lessor of machinery/equipment

Benefits/Coverages of the Policy

 This policy is designed for covering physical loss or damage to various insured plants& machinery used at the project sites –

    • Complete cover on partial or total damage to equipment or machinery
    • Coverage for all insured objects when they are at work, rest, or are being dismantled for cleaning and overhauling.
    • Only once the machinery has been successfully commissioned can policy be purchased.
    • Insurance will be provided based onthe current replacement value.

Ad-Ons

  • Owners surrounding policy
  • Clearance and removal of debris
  • Third Party Liability
  • Additional customs duty
  • Dismantling and shifting to a new location
  • Express freight
  • Airfreight
  • Escalation of cost
  • Natural Disasters
  • Terrorism

Exclusions of the Policy

  • Intentional or wilful negligence
  • Damage or loss caused by an electrical or mechanical breakdown/failure
  • Pre-existing flaws& damages
  • Damage or loss of replaceable parts such as bits, drills, knives, or other cutting edges, saw blades, dies, moulds, etc.
  • War & Nuclear Perils
  • Any loss or damage caused by an explosion in a boiler or pressure vessel susceptible to internal steam or fluid pressure, or in an internal combustion engine
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