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Contractor Plant and Machinery (C P M)
This policy covers all different types of machinery used for handing material or construction.
The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
The main exclusions of the policy are:-
The policy can be extended to cover
The policy can be taken by any one of the following parties, either individually or jointly :-
The sum insured of each item of machinery should represent the current purchase cost of a similar new machine including all incidental expenses like freight, duty, taxes, cost of erection etc.
The period of insurance should not be less than the period of contract and should commence from the date of unloading of the first consignment at the site of the erection and shall continue upto the conclusion of the first test operation or test loading subject to a maximum of 4weeks from the date trial running is made and / or readiness for work is declared by the erectors. If a part of the plant or one or several machines are tested and put into the operation, the coverage under the policy for that particular part of the plant or machine will cease, whereas the coverage will continue for the remaining parts which are not yet ready.
In case approval of the plant or any part thereof is not given by the concerned authorities even after expiry of 4weeks of trial running, the policy can be extended and the extra premium to be arranged beforehand.
Note: Policy details given are indicative, not exhaustive. Please contact your Gulf Union office for further details.
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken:-
Note: Policy details given are indicative, not exhaustive. Please contact your Gulf Union office for further details.
Building 331, Road 5616, Block 356, Salihiya, Kingdom of Bahrain. P.O. Box 10949.
200000845400002
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200000845400002
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