CONSTRUCTION PLANT & MACHINERY

1. Coverage Options
Accidental Damage: Covers damage to construction machinery due to accidents, such as collisions or mishandling.
Theft and Vandalism: Protects against loss or damage from theft or intentional destruction of equipment.
Fire Damage: Covers damages resulting from fire, including damage to machinery and equipment.
2. Types of Equipment Covered
Heavy Machinery: Includes excavators, bulldozers, cranes, and loaders.
Construction Tools: Covers smaller tools like drills, saws, and hand tools.
Temporary Structures: May include coverage for temporary installations used on the construction site.
3. Benefits
Financial Protection: Safeguards against the high costs associated with repairing or replacing damaged machinery.
Minimizes Downtime: Helps ensure that construction projects can continue with minimal interruptions due to equipment loss or damage.
Peace of Mind: Allows contractors to focus on their projects without worrying about potential equipment-related losses.
4. Premium Calculation
Premiums are influenced by factors such as the type of machinery, age, value, usage, and the construction site's risk profile.
5. Claim Process
Filing a Claim: Involves submitting a claim form along with necessary documentation (e.g., repair estimates, incident reports, police reports for theft).
Documentation Requirements: Accurate documentation is crucial for smooth claims processing.
6. Exclusions
Common exclusions may include wear and tear, equipment not properly maintained, and damages incurred during unauthorized use.
7. Risk Management
Insurers often provide advice on maintenance, safety practices, and risk assessment to minimize potential losses.