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What is Contractors’ Plant and Machinery Insurance?
The policy is designed to cover contractors’ plant and machinery working at construction site like dumpers, excavators, rollers, drilling machines, etc. Given that a major part of a contractor’s investment goes into the above-mentioned machinery, the policy protects the business from any probable damage to plant and machinery used by the contractors to complete a task.
What does Contractors’ Plant and Machinery Insurance Cover?
A Contractor’s Plant and Machinery Insurance offers the coverage mentioned below:
What’s not Covered?
Digit’s Contractor’s Plant and Machinery insurance policy does not cover losses due to the following:
Features of Contractor's Plant and Machinery Insurance policy
As you know, an insurance policy offered by the insurer has specific features. They are -
Digit’s Contractor’s Plant and Machinery insurance cover only selected machinery.
Damage caused to machinery used at construction sites is covered under the policy.
Why is it required?
The Contractors’ Plant and Machinery Insurance is required because of the reasons listed below:
Save yourself from a massive loss of investment – With heavy machinery prone to damage, it can result in a severe loss of investment for the owner. In such cases, the policy can be beneficial.
Replacement value – The policy offers insurance as per the current replacement value of the machinery.
Coverage for both partial and total damage – The policy offers complete coverage for the partial and total damage to the equipment.
How is the premium calculated for Contractors’ Plant and Machinery Insurance?
The payable premium for the policy depends on several factors. They are -
Who should buy the policy?
The policy of Contractors’ Plant and Machinery insurance can be availed by those mentioned below:
How to choose the right Contractors’ Plant and Machinery Insurance policy?
When choosing the right Contractors’ Plant and Machinery insurance, you need to consider the following -
Proper coverage – When choosing the right insurance policy, you need to check the coverage you are getting. You need to consider getting adequate coverage before deciding which insurance policy is good for yourself.
Extra benefits – An insurance policy with different benefits need to be considered. As most insurers will provide the standard coverage, look for additional benefits like 24x7 assistance when deciding which insurance policy is best for you.
Hassle-free claims process – Like in any other insurance policy, opting for a one for an insurer which has a hassle-free claims department needs to be considered. It will enable the claim to be settled quickly.