CONTRACTOR’S PLANT & MACHINARY INSURANCE : Every Project is exposed to potential loss due to various reasons. It requires protection against those potential loss. Especially the contractors Plant and Machineries used at Project sites are exposed to many risks which can put a break in Project implementation, causing financial burden and stress. This policy is designed to cover sudden, accidental or external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery while they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.

This Policy covers civil construction projects above or below ground such as residential and office buildings, hospitals, schools, theatres, roads, railways, bridges, tunnels, airports, dams, weirs, irrigation and drainage facilities, canals and ports. In addition preparatory work at the construction site such as site facilities, excavation and levelling work and temporary structures (e.g. access roads, diversion canals and protective embankments) , Materials to be used, sub-contractors, the purchaser or owner, Parties financing the project can also be covered.

This is an ‘All Risk’ policy covering sudden and unforeseen physical damage to civil projects under construction insured by any cause or peril not specifically excluded under the policy. Important Perils which will be covered include:

• Fire and Allied Perils
• Flood, storm, tempest & cyclone
• Earthquake, fire & shock
• Collapse
• Water Damage for Wet Risks
• Faults in erection/ construction
• Human errors, negligence

It is designed to cover all risks pertaining to projects during storage, erection, testing, commissioning of machinery, Plant and equipment during constructional stage all perils unless specifically excluded under the policy

Include :

• Fire, lightning, explosion, aircraft damage Flood, inundation, storm, cyclone and allied perils Riot, strike, malicious act
• Landslide, subsidence and rockslide Collapse, damage due to foreign objects, impact damages
• Burglary and theft, Faults in erection, Human errors, negligence
• Short circuiting, arcing, excess voltage, Electrical and mechanical breakdown

This Policy is designed to provide protection against unforeseen events leading to breakdowns and physical damages to electronic equipment installed in an industry. The policy provides coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs due to perils other than those specifically excluded in the policy.

There are three sections providing the desired coverage :

• Section I: Material damage (equipment)
• Section II: External data media, including data stored
• Section III: Increased cost of working resulting from accidental loss and/or damage to the electronic equipment covered under section I.

This is a package policy covering all Industrial Risks in one or multiple locations in India All buildings, plant & machinery, Stocks and contents. Stocks shall be on market value basis. Stocks have to be covered for a specific sum insured.

The Policy Covers :

• Material Damage
• Fire and Special Perils including Flood, Storm, Cyclone and Inundation perils, Earthquake
• Machinery Breakdown
• Boiler explosion
• Electronic Equipment
• Business Interruption
• Consequent upon operation of Fire perils
• Consequent to machinery breakdown (optional)

Machinery Breakdown policy is designed for all kinds of plant and machinery, to cover cost of repairs or replacement of damaged parts as a result of unforeseen and sudden physical damages.

This is policy covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown. It reimburses the insured for the cost of repairs or replacement of machinery part. This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.

The policy covers all kinds of electrical and mechanical breakdown resulting from the following incidents :

• Faulty material/workmanship of the machine.
• Action of centrifugal forces contributing to disruption of the rotating parts.
• Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
• Malfunctioning or failure of safety devices.
• Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
• Abrupt and sudden stoppage of other connected machinery.
• Entry of foreign bodies into running machine.
• Inexperienced operations causing damage due to error of judgment or error in operation.

The policy can be extended to include the following risks on payment of additional premium :

• Damage to foundation of machinery.
• Damage to oil in electrical apparatus.
• Express freight (excluding air freight), holiday rates, overtime charges.
• Air freight.
• Additional custom duty i.e the additional percentage of duty payable at the time of re-import for replacement over and above the percentage of duty included in the original sum insured.
• Own surrounding property i.e. damage to the insured's own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy.
• Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.