Reliable Protection for Your Equipment: Plant and Machinery Insurance

        Plant and Machinery Insurance offers protection for manufacturing plants, safeguarding them against losses or damages. Additionally, this insurance plan extends coverage to include liability for third-party claims related to bodily injury and property damage that may occur at the insured construction site throughout the policy period.

What are the Features of Plant and Machinery Insurance?

Here are some features of Plant insurance:

  • This policy provides coverage for the loss or damage to the construction equipment owned by the contractor, including bulldozers, cranes, excavators, compressors, and similar machinery, resulting from accidents caused by external risks.
  • The coverage is applicable regardless of whether the machinery is actively in use or not. It also extends to situations when the machinery is being disassembled for maintenance or overhaul, as well as during the reassembly process.
  • Unlike the Risk Insurance Policy, the plant insurance Policy ensures that the policyholder is compensated for the actual cost of each piece of machinery.
  • Various additional expenses, such as labor, freight, customs duty, and costs related to reassembly and disassembly, are covered by this policy.
  • This policy takes into consideration the value of the machinery before it was damaged or lost, ensuring that the contractor is adequately reimbursed.
  • It’s important to note that if you are underinsured, your claim will only be paid in proportion to the level of coverage you have in place.

What is Covered Under Policy?

Plant and machinery insurance offer the coverage for following:

Comprehensive Coverage: Plant and Machinery insurance provides coverage for all physical damage to machinery, except what’s prohibited in the policy.
Inclusive of Accidents: It includes accidents, except those caused by severe carelessness.
Natural Disaster Protection: This insurance covers damage resulting from natural disasters such as falling trees or storm damage.
Repair and Replacement: The policy compensates for the cost of repairing or replacing the affected machinery, whether it is in operation or at rest.
Coverage Across Job Sites: Machinery is protected on any third-party job site, ensuring that it remains safeguarded during various work locations.
Maintenance and Disassembly: Insurance continues to provide coverage even when machinery is removed or reassembled for maintenance purposes.

What is not Covered?

Certain exclusions are not covered under plant and machinery insurance.

Nuclear and War-Related Events: Damage or losses caused by nuclear accidents, war, acts of terrorism, or similar catastrophic events are excluded from the policy.
Electrical and Electronic Breakdowns: Some policies may exclude coverage for electrical or electronic equipment breakdowns.
Manufacturer Defects: While insurance covers damage due to unexpected events, it may not cover losses caused by inherent defects in the machinery or equipment.
External Causes: Damage resulting from external causes like earthquakes, floods, or other natural disasters may not be covered unless additional endorsements or riders are added to the policy.
Criminal Acts: Damage or losses caused intentionally or through criminal acts, such as theft or vandalism, may not be covered.
Operator Error: If equipment breaks down from operator error or misuse, it may not be covered.

Who Should Buy Plant and Machinery Insurance Policy?

The following mentioned parties can take plant and machinery insurance:

Industrial and Manufacturing Facilities: Factories and industrial facilities that rely on heavy machinery and equipment to produce goods often invest in insurance coverage to safeguard their production capabilities.
Contractors and Construction Companies: Construction companies use a wide range of heavy equipment and machinery on job sites, and plant and machinery insurance can help protect against damage or loss of these assets.
Individual Equipment Owners: Individuals who own expensive equipment for personal or business use, such as contractors or farmers, may also purchase insurance to protect their assets.
Retailers and Commercial Establishments: Large retail stores, supermarkets, and commercial establishments may have refrigeration units, generators, and other machinery that can be insured.
Transportation and Logistics: Shipping and logistics companies that use conveyor belts, forklifts, and other equipment often seek plant and machinery insurance.

Getting Started with Money Marche's Plant and Machinery Insurance

Securing your business’s future begins with a simple step – getting in touch with our experienced insurance advisors. They will guide you through the process, helping you understand your options and choose the right coverage for your machinery and equipment.

Assessment: We begin by evaluating your existing machinery and equipment inventory, as well as your specific business operations.

Customized Policy: Based on our assessment, we tailor a policy that suits your business needs.

Competitive Quotes: We provide you with competitive insurance quotes, giving you the flexibility to choose the coverage that fits your budget.

Seamless Documentation: Our team assists you in completing the necessary documentation for your policy.

Ongoing Support: We remain committed to supporting you throughout the policy period, with 24/7 customer assistance and claims processing.

Secure your machinery. Secure your business. Choose Money Marche’s Plant and Machinery Insurance today!

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You can learn more from our asked questions

Yes, Money Marche's experienced professionals can work with you to customize a Plant and Machinery Insurance policy that meets the unique needs of your business. Contact us for personalized assistance.

Yes, you can insure both new and used machinery and equipment. The age and condition of the assets may affect the premium and coverage terms, so be sure to discuss this with your insurer.

Yes, many policies include coverage for third-party liabilities arising from accidents or damage caused by your machinery to other people or property.

You can initiate the claims process by contacting our claims department through the provided contact information in your policy documents. Our team will guide you through the necessary steps to file your claim promptly.

Deductibles can vary based on your policy and coverage options. Our insurance experts can help you understand the deductible associated with your specific policy.

Some policies may offer business interruption coverage as an optional add-on. This coverage helps compensate for lost income and additional expenses incurred due to equipment breakdown or damage.



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