Contractor's Plant and Machinery Insurance

Contractor's Plant and Machinery Insurance (CPM) is a specialized policy designed to provide financial protection for construction equipment and machinery against a wide range of risks. This policy covers the loss or damage to contractor-owned or hired machinery used at project sites, ensuring their safety and operational continuity.

The policy generally includes coverage for:

• 1.Excavators
• 2.Cranes
• 3.Bulldozers
• 4.Compressors
• 5.Drilling machines
• 6.Any other equipment essential for construction or engineering projects.

By offering protection against accidental damage, natural disasters, and unforeseen risks, CPM ensures minimal disruptions to construction activities and safeguards against financial losses.

Why is Contractor's Plant and Machinery Insurance Required?

• 1.Comprehensive Risk Mitigation:

  Protects machinery against accidents, theft, and damages caused by natural calamities like earthquakes, floods, and storms.

• 2.Operational Continuity:

  Ensures uninterrupted operations by facilitating repairs or replacements in case of damage.

• 3.Financial Security:

  Safeguards businesses from heavy financial burdens due to repair or replacement costs.

• 4.Compliance with Project Requirements:

  Often mandated by project owners or contractors as a part of the contractual agreement.

• 5.Safeguards Investments:

  Construction equipment represents a significant investment, making it essential to protect these assets from potential risks.

Who Should Require This Policy?

• 1.Construction Companies:

  Engaged in building infrastructure or executing large-scale projects.

• 2.Contractors:

  Handling engineering or civil construction tasks requiring heavy equipment.

• 3.Equipment Leasing Companies:

  Renting machinery to contractors or project owners.

• 4.Project Developers:

  Managing large-scale construction ventures where machinery plays a vital role.

• 5.Engineering and Procurement Contractors:

  Using specialized machinery for industrial or engineering projects.

Any entity involved in construction or engineering projects that rely on machinery should consider this policy indispensable.

Benefits and Features of Contractor's Plant and Machinery Insurance