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Contractor Plant and Machinery All Risks Insurance is a type of insurance policy that provides coverage for plant and machinery used by contractors in their construction, engineering, and other projects. This insurance policy covers loss or damage to contractor-owned or hired-in plant and machinery against all risks, except for the excluded perils specified in the policy.
The coverage under Contractor Plant and Machinery All Risks Insurance includes accidental physical loss or damage, theft, and burglary of plant and machinery. This insurance policy also covers losses incurred due to breakdowns, machinery failures, and operator errors.
The policy can be tailored to meet the specific needs of contractors and can cover a wide range of equipment, including excavators, cranes, bulldozers, loaders, compressors, generators, and other types of machinery. The coverage can also include transit risks, where the equipment is transported from one location to another.
In addition to covering the cost of repair or replacement of plant and machinery, this insurance policy can also cover the costs of hiring alternative equipment or renting equipment if the insured machinery is unavailable. The policy may also cover the costs of removing debris, temporary repairs, and reinstatement of damaged property.
In summary, Contractor Plant and Machinery All Risks Insurance is an essential insurance policy for contractors who own or hire plant and machinery. It provides protection against various risks that can cause damage or loss to the equipment, helping the contractor to minimize financial losses and maintain their business operations.