Concept: To indemnify the "Owners" such as the contractors executing construction/erection works, for financial loss as a result of physical loss or damage to their mobile construction machinery and equipment as well as related plant (such as batching plants) either for single "Project" or on "Annual " basis.
Scope of Cover: The policy covers repairing / replacing charges due to sudden and unforeseen physical loss of or damage to the insured items up to "Sum Insured" (being full replacement cost) on an "All Risks" basis but losses or damages due to Mechanical or Electrical Breakdown are not covered.
Property Insurable: The policy can cover all types of Machinery, Equipment and Associated Plant (Temporarily fixed at contract sites) whilst such items are in operation or at rest, or in dismantled state (e.g. for servicing). Thus all types of earth-moving machinery, fixed and moveable lifting machinery, such as cranes, batching plants and cutting tools, etc.… are all coverable.
Some Policy Exclusions:
War or War like Operations
Normal wear & tear during the ordinary course of use/operation
Willful acts or gross negligence
Premium Rating: The rate is quoted on an Annual basis and per thousand basis on the total sum insured based on the replacement value of each individual item.