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Contractor's Plant and Machinery Policy
The Indian construction industry has been witnessing rapid expansion in recent years. According to the Indian Construction Market Report and Forecast 2025–2034, the sector reached a value of USD 687.38 billion in 2024 and is projected to grow to nearly USD 1.56 trillion by 2034. This tremendous growth is driven by large-scale infrastructure projects, urban development and increasing private investments.
At the heart of this expansion are the plants and machinery. These assets, from excavators and cranes to bulldozers and drilling machines, are the very tools that transform ambitious plans into reality. However, with their immense value and continuous use in high-risk environments, they are highly vulnerable to unforeseen events. A single incident can cause significant loss and bring a project to a halt. This is where a Contractor's Plant and Machinery Policy becomes indispensable to safeguard investments and ensure business continuity.
At IndusInd General Insurance, we offer a comprehensive Contractor's Plant and Machinery (CPM) Policy specifically designed to protect you from the financial impact of damage to your plant and machinery. It acts as a trusted partner in your journey to build safely, securely and without interruption. With this assurance, you can concentrate on project delivery while we secure your most valuable assets.
Why 8 Crore+ Policyholders Choose Us?
Your plant and machinery are the backbone of every project your company takes on. A single breakdown, accident or theft can delay timelines and inflate costs. That's why our Contractors’ Plant & Machinery Insurance protects your equipment against on-site and off-site risks 24/7.
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What is a Contractor's Plant and Machinery Policy?
A Contractor's Plant and Machinery (CPM) Policy is an insurance cover designed to protect construction equipment against unforeseen and sudden physical damage.
It covers a wide range of plant and machinery, such as bulldozers, loaders, cranes, compressors, generators and excavators, whether they are at work, at rest, being cleaned or repaired or in transit within a project site.
This means, if your insured plant and machinery suffers accidental loss or damage, the policy will compensate you to repair or replace it, reducing downtime and monetary stress.
Who Needs a Contractor's Plant and Machinery Policy?
A Contractor's Plant and Machinery (CPM) Policy is essential for any individual or business with a financial stake in high-value construction equipment. This includes contractors, builders, infrastructure developers, engineering firms and mining operators who own or use heavy machinery. It is equally important for equipment rental companies or contractors who hire machinery for specific projects.
Essentially, anyone whose business continuity and project timeline would be jeopardised by the unexpected damage or destruction of a single piece of plant and machinery needs this policy.
Benefits of Buying a Contractor's Plant and Machinery Policy
Contractor's Plant and Machinery Policy: Inclusions and Exclusions
What is Covered?
Accidental Damage - Covers damage caused by accidents at the project site, like equipment toppling, hitting fixed structures, etc.
Total Destruction - Pays the actual value of the insured item when it is damaged beyond repair due to insured events.
Natural Disasters - Offers protection against damage due to floods, storms, earthquakes or landslides.
Collapse or Impact Damage - Covers machinery damaged due to falling objects, structural collapse or accidental impacts.
Transit Damage - Provides coverage for loss or damage caused while the machinery is being moved within the construction site.
What is Not Covered?
Normal Wear & Tear and Negligence - Willful act or negligence of the insured, or gradual deterioration of machinery that happens naturally with usage and age is excluded.
Electrical/Mechanical Breakdown - Loss or damage due to internal mechanical or electrical defects is not covered.
Pre-Existing Faults/Defects - Any loss or damage caused by that existed before the policy was purchased is excluded.
War - Losses or damages resulting from war, invasion, civil war or similar hostile events are not covered.
Disclaimer: Please refer to the official policy documents for detailed inclusions and exclusions.
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Contractor's Plant and Machinery Policy: Add-Ons
To ensure truly comprehensive protection, IndusInd General Insurance (previously known as Reliance General Insurance) offers a wide range of add-on covers under its Contractor's Plant and Machinery Policy. These add-ons enable contractors to tailor coverage to meet the specific risks associated with their projects, thereby enhancing financial security and operational resilience. Our key add-ons include -
- Owner’s Surrounding Property
- Clearance and Removal of Debris
- Additional Customs Duty
- Express Freight
- Air Freight
- Dismantling and Shifting to a New Location
- Escalation of Cost
- Earthquake Cover
How to Buy IndusInd Contractor's Plant and Machinery Policy?
Enter your name, city, email address and mobile number on the form at the top of this page.
Provide details of the plant and machinery to be insured, along with the required supporting documents.
Once you submit the details, one of our representatives will get in touch with you to guide you through the next steps.
Contractor's Plant and Machinery Policy Claim Procedure
Immediately notify us about the incident via our helpline, followed by a written notice, providing details of the nature and extent of the loss or damage.
Take all reasonable steps to limit further loss or damage and preserve the damaged parts for inspection by our surveyor.
Submit all required information and supporting documents, such as claim forms, proof of ownership, photographs and repair estimates, to process the claim.
For minor damages not exceeding ₹7,500, you can proceed with repairs, but you must keep any replaced parts for inspection. For larger damage, wait for our representative.
Once the inspection is complete, we will review your claim and, upon approval, credit the claim amount directly to your bank account.
Disclaimer: For precise claim-related information, please refer to our policy documents or get in touch with our customer helpline.
Key Takeaways
In a rapidly expanding construction market, the need for a robust Contractor's Plant and Machinery Policy is undeniable. The sheer scale and value of projects mean that a single unforeseen event, whether it is an operational accident or accidental damage, can lead to catastrophic financial losses.
Without adequate coverage, contractors risk not only steep repair or replacement costs but also potential project delays and financial strain. A Contractor's Plant and Machinery Policy offers the much-needed safety net to keep operations secure and uninterrupted, even in the face of sudden mishaps.
At IndusInd General Insurance, our Contractor's Plant and Machinery Policy provides a complete solution designed to address the specific risks faced by the construction industry. Backed by our expertise, prompt claims handling and 24/7 customer support*, we ensure that you are fully protected.
Our policy provides the confidence to undertake ambitious projects, knowing that your most valuable assets are secured. We are not just an insurer; we are your strategic partner committed to safeguarding your equipment and supporting your business growth every step of the way.
Do not let unforeseen events halt your projects. Buy IndusInd Contractor's Plant and Machinery Policy today!
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