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CPM

The document outlines a comprehensive insurance policy for construction plant and machinery, covering physical loss, damage, and theft, with specific exclusions and add-ons. It details eligibility for the policy, coverage locations, and required underwriting information. Excluded machinery and locations are specified, along with necessary client information for policy issuance.

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Dimple Atsejalwealth
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14 views

CPM

The document outlines a comprehensive insurance policy for construction plant and machinery, covering physical loss, damage, and theft, with specific exclusions and add-ons. It details eligibility for the policy, coverage locations, and required underwriting information. Excluded machinery and locations are specified, along with necessary client information for policy issuance.

Uploaded by

Dimple Atsejalwealth
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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T A T A A I G

Version – June 2023 This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Scope of Cover
Add Ons
Exclusions
Preferred Segment
Declined Segment
Underwriting Information required
Examples

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Policy crafted to suite contractors and the exposures faced by Construction Plant and
Equipments at Project sites

CPM provides comprehensive cover against-


•physical loss or damage to the plant and machinery of the insured
•Covers Theft as well

Although an ‘All risk’ Policy, it is guided by exclusions as per CPM tariff

It is an annual policy and can be renewed yearly

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Who can take the policy?
The owner of the machine
The contractor / user of the construction machinery
The financial institutes who have an interest in the construction machinery
Location:
•Machinery can be covered at-
Single location

As Floater policy at specified location

As Floater policy on All India basis

•Transit of equipment from one project location to another is not covered but the
movement of equipment within the site can be covered.

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
1.Escalation Clause
2.Express Freight
3.Air Freight
4.Owners Surrounding Property
5.Third Party Liability-
Max 10% of Total Sum insured
6.Additional Customs Duty
7.Removal of Debris
8.Earthquake
9.Terrorism
10.Floater

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Excess amount specified
Loss/damage for which supplier or manufacturer is responsible
Terrorism, unless specifically covered
War, warlike operations and nuclear perils
Damage to exchangeable tools or parts or
Fault or defect existing at the time of commencement of the policy
Gross negligence
Loss or damage discovered only at the time of taking an inventory
Public liability while the plant and machinery are on public roads
Damage due to wear and tear, corrosion, rust, etc.

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Loss/ damage due to boiler or pressure vessel explosion
Loss/ damage during transit
Loss/ damage due to total or partial immersion in tidal waters
Public liability while the plant and machinery are on public roads
Damage due to wear and tear, corrosion, rust, etc.
Loss/ damage due to any internal electrical or mechanical break down
Loss/ damage during testing operating or
Damage if equipment used for a purpose other than designed for
Equipments/Machineries registered with Transport Authority

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
•Compressors

•Cranes

•Mixing Plants

•Stone Crushers

•Pavers for Asphalt

•Pumps, Motors

•Vibrators,

•Workshop Machines

•Welding Sets, Surveying Equipments

•Graders ,Pan Scrappers

•Mobile Mixing Plant

•Generators

•Excavators

•Bull Dozers

•Loaders

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Excluded Machinery

•Tunnel Boring Machines


•Equipments plying on public road like Tippers, Dumpers,
•Equipments, which are registered as per Motor Vehicles Act.
•Machinery working underground.
•Drilling Machines

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Excluded Location

•Hilly terrain
•Hydel power plants,
•Nuclear power plants,
•Offshore locations,
•Mines (unless they are open cast mines),
•Underground/ tunnels,
•Works in water/ Wet risk/ Equipment used under floating condition in water.

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Sr Particulars
1 Client Name
2 Asset age (new/old)
3 Year of make
4 Make
5 Model
6 Serial number
7 Machine Type
8 Capacity
9 Asset value/ Sum Insured-
10 Serial Number (for identification purpose)

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
11 What kind of site is the machine used - like construction
site, factory ,
open cast mine, etc
12 Risk location address – complete address with pincode
13 Claim/Loss experience- for items already in use.
14 Actions taken in the aftermath of loss
15 Maintenance procedure with details of AMC - if any
16 Is equipment registered with transport authority ? Y /N
17 Whether floater cover required? Y /N
18 Flood history and distance of nearby water body from site-

19 Add-On covers required-


20 Proposal Form – Duly Filled & Signed

This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.
Version June 2023 , Verified by
Saurab & Ankur This content is for training & development purpose and internal circulation only. No business can be solicited basis this content.

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