This Plan is useful for the Contractor or the Owner of Material Handling Machinery and financial or banking institution for their rights and interest involved. All different types of machinery used for material handling/Construction/Erection in different industries engaged in construction, manufacturing, processing, operation etc. can be covered in this Plan.
The Plan provides you with a comprehensive financial protection against physical loss or damage to the covered machinery due to any cause which is accidental, unforeseen and external in nature. This Plan covers damage to the covered machinery:
- When the machinery is at work
- When the machinery is at Rest
- When the machinery is being dismantled for the purpose of cleaning/overhauling or during subsequent erection.
If your equipment/machinery like Cranes, Scrapers, Dredgers, Bulldozers, Loaders, Dumpers, Tractors, Compressors, Road rollers, Concrete vibrators, Welding sets etc to be used or hired to a project site or industries, then this plan is for you.
External damages to the machinery can be due to collision, derailment, toppling over etc.
The plan provides financial protection against any accidental physical loss or damage to the covered Plant/Machinery other than those are specifically excluded in the Certificate. Normally, the claims under this plan arise from the following causes:
Natural: Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence, Landslide,
Rockslide, Subsidence, Earthquake, Volcanic Eruption.
Social: Riot, Strike and Civil Commotion, Malicious Damage, Theft.
Human errors: lack of skill,, negligence
Miscellaneous: Impact and Aircraft Damage, Accidental damage during assembly, dropping or falling or breakage of sling, collapse and collision
The cover under this plan can be extended to include shipment of your machinery by Air, Land or Sea; Owner’s Surrounding Property, Third Party Liability and Costs involving removal of debris.
The Period of Cover is usually for 12 months.