Contractor Plant and Machinery

Askari offers a dedicated cover against loss or damage to Contractors’ Plant and Equipment while working at a specific work site or while at rest or during maintenance operations. This cover comes with the flexibility of ‘non-limitation’ to a particular work site and is designed to be on an ‘annual basis’.

Contractor Plant and machinery include the following Risk

    • Fire, Lightning and explosion
    • Theft and malicious damage
    • Impact, collision and overturning
    • Impact damage resulting from breakdown and road risk
  • It covers unforeseen and sudden physical loss of or damage to the insured items,        necessitating their repair or replacement.
  • The cover, which excludes internal        breakdown, applies at work, at rest or during maintenance operations
  •  This policy also provides cover for inland transport with additional premium.
  • The owner of the machine
  • The contractor / user of the construction machinery
  • The financial institutes who have an interest in the construction machinery

The sum insured of each item of machinery should represent the current purchase cost of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.

The policy can be extended to cover

  • Third party liability - personal injury and property damage.
  • Damage to owner's surrounding property.
  • Loss or damage due to any internal electrical or mechanical breakdown, defective lubrication, lack of oil or coolant although any consequent external damage is payable.
  • Loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc.
  • Loss or damage whilst in transit from one location to another.
  • Loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions.
  • Loss or damage during testing operating or whilst being used for a purpose other     than designed for.
  • Loss or damage to machinery working under ground.
  • Loss or damage for which the supplier or manufacturer is responsible either by law or under contract.

Deductible is applied either as a percentage of the cost of reinstatement or as an agreed monetary excess.

  • Proposal form dully filled, signed and stamped
  • Item wised breakup of construction machinery