Contractor’s Plant and Machinery
This is an insurance of contractors’ plant and machinery that is done on an annual basis. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement. The cover, which excludes internal breakdown, applies at work, at rest or during maintenance operations and is not limited to a specific construction site.
The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation).