Page 15 - Engineering Insurance IC 77 Ebook

Sashi Publications
CONTRACTOR PLANT & Exclusions and other exceptions :

MACHINERY (CPM) The principal exclusions are :
(a) Loss or damage occurred by war, or war like
1. Jurisdiction :
operation, nuclear risks.
This applies to all risks located in India. (b) Loss or damage caused by wilful act or wilful
negligence on the part of the insured or his
2. Scope of Insurance and supplementary
authorised representatives.
cover
(c) Loss or damage due to electrical or mechanical
The standard contractors plant and machinery
breakdown or internal explosions.
insurance introduced in the Indian market
covers damage from variety of causes including. (d) Loss or damage to exchangeable parts and
tools such as belts, ropes, chains, blades,
(a) Burglary, theft, riot and strike and malicious conveyor belts and similar other parts.
damage.
(e) Loss or damage to exchangeable parts and
(b) Fire and lightning, external explosion, flood, tools such as belts, ropes, chains, blades,
inundation, subsidence, landslide and rockslide. conveyor belts an similar other parts.

(c) Storm, tempest, hurricane typhoon and (f) Loss or damage to vehicles licenced for
tornado. general road use.

(d) Accidental damage while at work due to fault, (g) Loss or damage due to total or partial
man handling dropping or falling, collapse immersion in tide water.
collision and impact. (h) Loss or damage to the Hull and Machinery of
Earthquake & terrorism risk are optional and can water-borne vessels or craft : however this
be covered on payment of extra premium. exclusion does not apply to the Contractors
Plant & Machinery mounted on such water-
Note :
borne vessels or crafts for the purpose of use
In respect of machinery/Equipments, whether for the contract works.
registered with RTO or Not, but Engaged at the (i) Loss or damage during transit from or project
project site, the insured has an option either site to another.
to select the Motor/Non Motor Policy under
(j) Loss or damage whilst working underground.
Motor tariff or CPM policy in engineering
Department. (k) Loss or damage of any kind of consequential loss.
The policy can also be extended to include the EXTENSION OF COVER :
following additional risk :
1) THIRD PARTY LIABILITY COVER : A rate of
(a) Third Party personal injury and property risks 0.25% p.a. should be charged on the total limit
upto limit of indemnity as may be selected by of indemnity selected to cover the TP Liability
the insured. upto the following limits :
1) Any one person Rs. 10,00,000/-
(b) Expenses incurred for overtime, express freight
2) Any one Accident Rs. 25,00,000/-
(excluding air-freight), holiday rates of wages etc.
3) During the policy period Rs. 25,00,000/-
(c) Cost incurred in the clearance and removal of
debris following an accident.
TPL Insurance for limits in excess of Rs. 25 lakhs
(d) Loss or damage to the existing surrounding mentioned above should be underwritten in the
property. Misc. Dept. at the discretion of the Insurers.

PH: 033 4007 8428 / 2218 4184, Email: insurance.kolkata@gmail.com 141