Contractors Plant & Machinery
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What is Contractors’ Plant & Machinery(CPM) Insurance?
Contractors’ Plant & Machinery Insurance in the UAE is a well-established type of insurance that safeguards the equipment used for a construction, infrastructure, and engineering project. It provides access to all risks of protection from unexpected damage, breakdowns, theft, fire, and other hazards that can affect operations. CPM insurance ensures that businesses recover even at unforeseen events without disrupting a project timeline. It also provides coverage in case of damage or loss of such machinery, cranes, excavators, loaders, and other types of specific equipment and covers repair or replacement costs in accordance with UAE regulations.
Add-On Coverage
Terrorism, earthquake, breakdowns and dismantling coverage.
Mobile & Stationary Plant
Cover for both mobile construction equipment & fixed plant & machinery
Additional Costs
Covers means of the holding of damage costs, clearance per loss, and costs of the expedient transport.
Third-Party Liability
Protection against damage to third-party property or bodily injury caused by machinery.
Coverage for In-Transit
Covered when the machinery is being moved (loading and unloading included
Physical Damage
CPM policy Includes coverage for accidental damage, theft, vandalism, fire, and natural disasters.
Key Inclusions in Contractors’ Plant & Machinery Policy
Frequently Asked Questions
Yes, you can be covered for the theft of your construction machinery under Contractors’ Plant & Machinery Insurance. It provided that they are specified in your policy’s terms.
If your equipment is stolen from
- a job site,
- warehouse, or
- while on the way to a job site,
this equipment insurance policy may provide you with compensation to help replace the equipment. Make sure that theft is specifically covered by your policy, and review the terms for any exclusions, like theft, without proper security measures in place.
Yes, most standard Contractors’ Plant & Machinery Insurance policy would cover third-party damage caused by your construction plant. This may be damage to property or injury from the functioning of your equipment. CPM insurance policy covers the cost of loss of income, legal fees, repairs, and damages caused to third parties
To calculate the correct value of machinery to insure, consider the following important points for Contractors’ Plant & Machinery Insurance:
- The amount you paid for the equipment, the amount you need to replace the equipment, and current market value, including depreciation and potential wear and tear on the equipment.Â
- You should also mention any additional costs such as transportation, installation, and any upgrades that might be required.Â
- To avoid being underinsured, consult an insurance service provider to assess if your insurance coverage properly represents the actual value of your construction machinery.
Yes, Machinery insurance under Contractors’ Plant & Machinery Insurance usually covers the machinery when it’s being transported between job sites. Which protects your construction machinery from risks like damage or theft under transit. You will need to check with your insurer to see the limits, exclusions, or geographical restrictions may apply but in most instances, this will cover machinery in transit.
Yes, you can insure both your machinery and the on-site tools you use with a Contractors’ Plant & Machinery Policy as one complete policy. Covers construction machinery covered under this policy includes heavy equipment and essential tools, so you can feel confident knowing all of your assets on-site are protected against loss, damage, or theft. Having one policy makes everything easier, with better coverage and convenience.
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