Main Features of Contractor Plant and Machinery Insurance
At construction sites, it covers damage and loss to various machines and plants.
Only selective machinery is usually possible to cover under very tight margins.
An individual’s insurance premium is determined depending on the type of equipment, its use, its location and the losses it incurs.
Construction Plant and Machinery Insurance: Who Needs It?
The following parties are entitled to CPM innovation either individually or collectively
Construction firms and contractors
Equipment rental companies
Owners of individual pieces of equipment
A bank or financial institution invests in the project.
What is the claim process for Contractor Plant and Machinery Insurance (CPM Insurance)?
Following steps should be followed in case of damage or loss of construction machinery.
Inform your insurance company and consultant immediately.
Fully assist Company Surveyor.
Complete the claim form and submit it with the necessary documentation to prove your financial loss.