CPM Policy
This policy covers the loss or damage to construction &/or mobile equipment like compressors, excavators, earthmovers, cranes, forklift etc , on a particular location. Losses/ expenses due to Sudden and unforeseen physical damage to various equipment being used for any purpose on project sites or within the premises of industrial units are being covered by this policy.
Coverage
This policy is governed by Exclusions rather than coverage. Sudden & unforeseen accidental losses/damage to insured Plant & Machinery by any cause which is not excluded is covered while insured property is
>> At work Or at rest
>> Being dismantled for the purpose of cleaning or overhauling and subsequent re-erection
>> Being shifted within the premises
What are the premium payment methods?
The premium can be collected in installments if the period of insurance is more than 12 months.
MAJOR EXTENSIONS AVAILABLE
On payment of agreed premium this policy could be extended to cover the expenses/losses upto the specified limit, arising on account of
>> Third party liability
>> Owner's surrounding property
>> Clearance and removal of debris
>> Overtime
>> Express freight
>> Additional customs duty
Other Notable points in this policy:
>> Complete description of equipment including make, identification number and valueneeded to be declared
>> Sum insured of each item should be the present day replacement cost
>> Under Insurance penalty will be applicable, as per the average clause
>> Premium depends on the type of equipment and the location of operation
>> In case of Partial loss replacement cost of parts plus repair charges and cost of dismantling and re-erection is payable, subject to adequacy of sum-insured. Depreciation is applied only for the parts with limited life.
>> In case of Total loss actual market value of item immediately before the occurrence of loss less salvage and depreciation is payable, subject to adequacy of sum-insured.
>> Policy could be extended to cover the items on multiple locations on floater basis on payment of floater premium
MAJOR EXCLUSIONS
This Policy will not indemnify against the losses/expenses on account of
>> Damage whilst insured itemis in transit from site to site
>> Electrical or mechanical breakdown or boiler explosion
>> Replaceable and/or consumables parts like bits knives ropes & bolts chains etc.
>> Normal wear and tear, corrosion War and Nuclear perils.
>> Testing or used for a purpose different from what was originally intended
>> Contractual liability
>> consequential losses
>> Existing defect
>> inventory loss
HOW RATING DECIDED?
Rating depends on:
>> Type of Project
>> Period of Project
>> Sum Insured of the project
>> Deductible Franchise.
.
This policy covers physical loss or damage to boilers and/or another pressure plant against unforeseen and sudden physical loss of or damage due to explosion or collapse of the insured items.
-
Type of Boiler.
-
Age of Boilers
As the Boilers and Pressure Plants come under the purview of Statutory Regulations, the following warranties are applied under the policy:
-
Boilers are annually inspected by the competent authority.
-
The Boilers shall only be operated by attendants holding a valid certificate of competency issued under the appropriate Boiler Act.
-
The unqualified permission in writing by the inspecting Authority to operate the boiler.
-
Heading Boiler Explosion Insurance:
Detail Boiler Explosion Insurance
-
Additional Documents Required :
-
Report of any internal committee investigating the cause of fire
-
Fire brigade report
-
First Information Report (FIR) or Letter of Intimation (LOI) to the Police Station endorsed by the Police Department.
-
Forensic laboratory report on samples collected at the site of incident
-
Drug Inspector’s Report on destruction of Drugs/ Pharmaceutical items (for claim on pharma products only)
-
Final Investigation Report
-
The action taken on the suggestion of TAC/ LPA on loss minimization of prevention.
-
Factory Inspector’s Report or Report from Director of Industrial Safety and Welfare.
-
-
Common Documents :
-
A certified copy of the policy along with schedule and endorsements/clauses
-
Duly filled out claim form
-
Newspaper reports on the incident, if any
-
Photographs
-
Past claims records, if any
-