Contractor’s Plant & Machinery (CPM) Policy broadly covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. Cover operates when the insured property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.
Sum Insured - Sum Insured of each item of machinery shall be the present day replacement cost. Sum insured is computed from replacement cost including freight, cost of erection and custom duty, if any.
Premium - Premium depends on the type of equipment and the location of operation.
CPM Policy is a policy wherein insured property is covered for all possible risks except for the risks/profiles which are specifically excluded