The policy of contractor plant and machinery wraps up every kinds of equipment that are being used for building purposes. At the same time the policy covers up machinery that is currently in use or dissembled of cleaning purposes or being shifted but only after meeting certain expenses.
There are certain omissions of this policy, some of them are
1. Damage caused by any electrical fault, defective lubricants, technical failure or any damage caused externally is to be paid.
2. Any damage caused to parts that are replaceable
3. Loss to machinery cause during transmission from one place to another
4. Loss cause due to any environmental change or bad weather condition
5. Machines installed underground, if they are damaged
This policy provides add on coverage for any damage to property or during any personal injury and even the surrounding property of the owner.
The parties that can opt for this policy are machinery owners, the contractor involved in assembling machines and the institutes desiring to assemble machines.
How can one claim for loss or damage?
The policy lets you claim during any damage or loss, certain things to be noticed during claim. Necessary steps should be taken, during any damage the insurance company should be informed immediately without any delay. When survey is conducted by the company full support should be given to them in order to get full benefit. The most important thing is that one should submit the form regarding claim along with all the required documents and proofs.