CPM is an all-risks policy which covers contractor’s plant & machinery
The cover shall apply whether the insured items are:
· At work
· At rest
· Being dismantled for cleaning/overhauling or during subsequent erection
Usually it covers equipment & machinery like cranes, excavator, bulldozers, loaders, dumpers, bobcat, tractors, compressors, rollers, scrapers, dredgers, concrete vibrators, mixer, welding sets, etc, to be used or hired to a project site or industries.
The below perils are covered under this plan, but are not limited to and could be enhanced :-
· Collision, derailment, toppling over, etc.
· Fire, lightning, cyclone, hurricane, flood, storm, tempest, inundation subsidence, landslide, rockslide, subsidence, earthquake, volcanic eruption.
· Riot, strike, civil commotion, malicious damage and theft.
· Lack of skill, negligence
· Impact and aircraft damage, accidental damage during assembly, dropping, falling or breakage of sling, collapse and collision
The cover can be further extended to include shipments of your machinery by air, land or sea, owner’s existing and surrounding property, third-party liability and costs involving removal of debris.
Usual duration of the policy is 12 months.