Mr. Manak Desarda
Head Placement - Property & Engineering
In the construction and infrastructure industry, contractors heavily rely on capital-intensive plants and machinery like forklift trucks, compressors, bulldozers, drilling machines, excavators, dumpers, earth-moving equipment, and cranes. These assets make up a significant portion of a contractor's investments. However, working on project sites exposes these vital machines to various risks and potential damage.
Contractors need a specialized insurance policy to protect their business from potential losses or damages to these crucial plant and machinery. This policy is designed to cover repair costs or replacement expenses in case of accidents or damage during complex construction work.
The sum insured shall represent the Reinstatement Value of the equipment including freight, erection, dues, and customs duties.
In a construction project, the contractor is highly dependent on the plant & machinery for work. Damage or physical loss to these plants & machinery can lead to a sizable loss since these plants & machinery have high capital-intensive investment and may put the contractor into major financial distress.
Insurance of these plant & machinery keeps the contractor relaxed as his/her plant & machinery is protected against damage or physical loss. Following are some of the advantages of a CPM policy:
Contractor plants & Machinery are critical assets and require intensive capital investment. A suitable insurance solution assists the contractor or owner of CPM to focus on core construction activities and leave any exigency on your insurance advisor. For comprehensive coverage, additionally, a Transit Insurance policy is advisable if movement is outside the project site. We, at PINC, offer a bouquet of bespoke insurance solutions suiting your requirement.
Mr. Manak Desarda
Head Placement - Property & Engineering
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