What is Contractor’s Plant and Machinery Insurance?

It’s a policy that covers loss or damage to construction equipment like cranes, excavators and machinery—whether on-site or in transit.

What types of machinery are covered?

Excavators, cranes, loaders, bulldozers, concrete mixers, compressors and other contractor-owned or leased equipment.

What risks are covered under CPM Insurance?

Fire, explosion, accidental damage, theft, natural disasters (flood, storm, earthquake) and collision or overturning during use or transit.

Is breakdown or wear and tear covered?

Normal wear and tear and gradual deterioration are excluded unless specifically added via endorsements.

Where is the coverage applicable?

At the construction site, during operation or rest, while dismantling, overhauling or in transit (within India).

Who should buy CPM insurance?

Civil contractors, infrastructure companies, equipment rental firms and developers using heavy machinery.

How is the premium calculated?

Premium depends on type and age of machinery, sum insured, site risk profile, duration of coverage and add-ons.

Safeguard Your Site Assets

Covers equipment damage, theft and breakdowns

Key Benefits

All-Risk Protection

Covers damage, theft, fire and breakdowns.

On-Site & Transit Coverage

Ensures equipment is protected wherever it operates.

Minimized Downtime

Fast claims help reduce project delays and losses.

Plans

Iffco Tokio

Contractor’s Plant & Machinery Policy

Premium: ~0.2% of insured value/year

Coverage Amount: Declared value per plant/equipment

Covers sudden breakdown of plant, equipment, tools during operation
Includes fire, explosion, impact and electrical faults
Covers dismantling, transportation and re-erection damage
Option for hire charges during repair period
24×7 technical support & speedy claim settlement

New India Assurance

Contractor’s Plant & Machinery Insurance

Premium: ~0.2% of declared value/year

Coverage Amount: Based on agreed replacement value

Comprehensive protection for static & mobile machinery
Covers mechanical breakdown, centrifugal, electrical failure
Includes damage during testing, erection and commissioning
Optional business interruption/hire charges cover
Nationwide surveyor network ensures fast claims

United India Insurance

Contractors’ Plant & Machinery Policy

Premium: ~0.25% of insured sum/year

Coverage Amount: Insured as per machinery replacement cost

Comprehensive cover for accidental damage to civil construction projects
Protection against mechanical, electrical or accidental damage
Includes transportation, erection and commissioning risks
Suitable add-ons: hire charges, dismantling cover
Multi-component: principal, contractor & subcontractor can be jointly insured

ICICI Lombard

Contractor’s Plant & Machinery Insurance

Premium: ~0.3% of sum insured/year

Coverage Amount: Declared factory replacement value

Covers mobile/static equipment breakdown and start-up failures
Includes mechanical, electrical and inherent defects
Covers erection, dismantling, testing and commissioning risks
Rapid claim settlement for minimal downtime
Fast claims with expert engineers and surveyors

HDFC Ergo

Plant & Machinery Insurance (Contractor)

Premium: ~0.25% of insured amount/year

Coverage Amount: Replacement value by machinery asset

Covers accidental damage/loss to construction work on-site
Third-party liability protection for bodily injury/property damage
Includes damage during transport, erection, commissioning
Optional hire charges and business interruption cover
Coverage includes principal's, contractor's and subcontractor's interests
Policy aligned with project duration for robust protection
Hassle-free digital claims experience
Designed for efficient claims and project continuity

Oriental Insurance

Contractor’s Plant & Machinery Policy

Premium: ~0.2% of sum insured/year

Coverage Amount: Declared asset value per equipment

Covers sudden breakdown, fire, explosion, electrical faults
Suitable for cranes, generators, compressors, heavy equipment
Includes coverage during transit, testing and installation
Optional add-ons: dismantling, hire charges, own loss
Fast regional support for claims and technical queries

Frequently Asked Questions

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