WHAT IS CPM INSURANCE?

CPM stands for  contractors part and machinery . CPM insurance is an All Risk policy covering the plant and machinery of a contractor at specified work sites. The contractor’s machinery is generally used under rough conditions and so is more vulnerable to damage. Breakdown of such machinery can jeopardize the completion of a project and put many other things at stake. The CPM Policy is designed for all such situations and will assist in protecting you against the sudden and unforeseen physical loss or damage to your plant and machinery. It covers all kinds of construction equipment like compressors, heavy duty cranes, boring machines, bulldozers, pipe jacking, and hauling equipment, excavators, loaders, road rollers etc.

Duration: Normally on annual basis and to be renewed periodically.

General Coverage:

• Fire and Lightning
• Accidental damage like defective workmanship and material, lack of skill, Negligence, Malicious act or Human error.
• Water damage, Flood, Storm, Tempest, Inundation
• Collapse, Collision, Impact.
• Theft & Burglary
• Subsidence, landslide, Rockslide.

General Exclusions:

·         Loss or damage due to War or Warlike operations, Civil Commotion etc.

·         Loss or damage due to Wilful act or Negligence of the Insured or of his representative

·         Loss or damage due to Nuclear reaction, Nuclear radiation or Radioactive contamination.

·         Loss discovered only at the time of taking an inventory.

·         Loss or damage due to normal wear and tear, Gradual deterioration due to atmospheric conditions or lack of use, Rust

·         Loss or damage due to faulty design

General Extensions: 

Cover can be extended to includes up to a limit chosen by you on the following on payment of additional premium-
- Owner's surrounding property
- Clearance and removal of debris
- Additional customs duty
- Express freight
- Air freight
- Third party liability
- Floater cover
- Dismantling
- Earthquake
- Escalation