In the event of a machinery or plant breakdown, the resultant monetary loss due to the halting of the production process could be enormous; thus, this insurance policy was specifically designed to indemnify the insured against the below eventualities:
*This policy is also known as Consequential Loss Policy.
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This insurance policy provides coverage against unforeseen and sudden physical losses or damages to electrical or mechanical erection project works, contractors’ plant and machinery, temporary facility as well as principal existing property which includes loss or damages during testing or commissioning. In addition, this insurance policy may also provide cover to the contractor against possible liabilities towards third parties.
This policy provides contractors with plant and machinery coverage against unforeseen and sudden physical losses or damages from any cause except those excluded under the policy.