There are different types of machineries used during construction of plants, roads, bridges, buildings, and infrastructure projects. These machineries can be protected for any sudden, unforeseen and accidental damages caused at the project site while in operation or at rest or whilst being moved within the premises.
The main exclusion under the policy are losses or damages due to internal electrical or mechanical breakdown, wear and tear or gradual deterioration due to rust, corrosion, atmospheric conditions, where supplier or manufacturer is responsible for replacing parts, consumables or spares, etc.
The policy can be extended to cover the risks of third party and owners surrounding property.
The policy can be taken by either the owner of the machinery, financier having financial interest in the machinery, or contractor of the machinery.
The sum insured of the machinery can include the cost of replacement, freight, duty taxes, and cost of erection.
Disclaimer: The above is a broad indication. The actual available are as described in the policy wordings of the insurance company and will be subject to the policy terms, conditions and exclusions.