Contractors Plant and Machinery Insurance or CPM insurance is an all-risk insurance policy that provides coverage for the plant and machinery of a contractor for a specific worksite. Machinery and plants such as forklift trucks, bulldozers, compressors, drilling machines, etc. are most of the time used in rough conditions and hence they are more vulnerable to damage. Breakdown of these machineries can pause the completion of the on-going project and hence may put other things at risk. In such a situation, the CPM policy comes as a rescue. Under this policy, the contracts get coverage against any unforeseen and sudden physical damage or loss to his/her plant and machinery.
At any plant site, the contractor is completely dependent on machinery and plant work. Physical loss or damage to these machinery and plants can lead to heavy loss as these machinery and plants need huge investment.
Insurance of such machinery and plants can keep the contractor relaxed because his/her machinery and plants are safeguarded against any damage or loss. Mentioned below are some of the advantages of a CPM Insurance policy:
The general inclusions of a CPM insurance policy are as follows:
An add-on cover or rider can be purchased for adding more coverage to the selected insurance plan. Generally, add-on covers are available by paying some extra amount. The add-ons provided by a CPM insurance policy are:
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