SBI Pro News

02 July

News news news news news news News news news news news news

07 June

News news news news news news News news news news news news

28 May

News news news news news news News news news news news news

01 April

News news news news news news News news news news news news

Contractors Plant & Machinery

Contractors Plant & Machinery

Introduction:

Every Project need complete protection against potential loss. Especially the contractors Plant and Machineries used at Project sites are exposed to host of risks which can put a break in your Project implementation, causing financial burden and stress. SBI General Insurance can help you to successfully overcome these situations and put you firmly in control of your projects.
With SBI General's Contractors Plant and Machinery Policy, you can safeguard your Plant and Machinery that you value most.

Key Benefits

  • The scope and purpose of consequential loss insurance is therefore:
  • This Policy is designed for covering loss or damage to various Plant and Machinery used on project sites
  • The Policy can be obtained by a Principal or a Contractor or even a Sub Contractor

Coverage Details

  • The Policy pays for unforeseen and sudden physical damage caused to the Contractors Plant and Machinery at the Insured location due to any perils other than those which are specifically excluded under the Policy.
  • On payment of additional premium, the following among other coverage's can be opted
  • Express Freight
  • Air Freight
  • Owner's Surrounding Property
  • Clearance and removal of debris
  • Additional Custom duty
  • Escalation
  • Third Party Liability
  • Equipment Mounted on Floating Vessel / Craft
  • Terrorism

Exclusions

  • The Company will not be liable under the Policy in respect of loss or damage due to
  • Excess stated in the Schedule
  • Electrical or mechanical breakdown, failure, breakage or derangement
  • Replaceable parts and attachment such as bits, drills, knives or other cutting edges, saw blades, dies, moulds, parts which by their use / nature suffer a higher rate of wear or depreciation, objects made of glass, belts, ropes, wires, rubber tyres, operating media like lubricating fuels, catalyst
  • Damages due to explosion of any boiler or pressure vessel
  • Vehicles designed and licensed for general road use
  • Hull and machinery of water borne vessels or crafts
  • Damage due to total or partial immersion in tidal waves
  • Public liability while the plant and machinery are on public roads
  • Wear and tear, corrosion ,rust, deterioration due to lack of use
  • Water-borne vessels or crafts
  • Machinery working underground other than Tunnel Boring Machines
  • Any contractual liability, manufacturer's guarantee
  • When undergoing a test of any kind
  • War, war like operations and nuclear perils
  • Pre existing fault or defect
  • Wilful act or gross negligence of the Insured or his representatives
  • Damage for which the manufacturer / supplier is responsible
  • Consequential loss of any kind
  • Loss or damage discovered only at the time of taking an inventory or during routine servicing;
  • Damage due to terrorism

Sum Insured

  • Sum InsuredThe Sum Insured shall be equal to the cost of replacement of each item by a new item of the same kind and capacity which shall mean its current new replacement cost including ordinary freight, customs duty, other charges, if any, and cost of erection
  • The Policy Schedule will include a list of all the items of the Contractors Plant, Machinery and Equipment with a separate value against each. The same is applicable in case of multiple locations.
Copyright © 2014 - All Rights Reserved | Developed by Logisoft Technologies