Contractor's Plant and Machinery Insurance - Magma HDI
This policy covers loss or damage to the contractor's property due to any cause that is accidental and external in nature. The cover is applicable when the insured’s property is at work or at rest or being dismantled for the purpose of cleaning/overhauling or during subsequent re-erection.
The cover will come into effect with the commencement of work or after the items entered in the schedule of the insurance policy have been unloaded at the site whichever is earlier.
The cover shall expire on the date specified in the policy.
However, our liability expires for parts of the insured’s contract, works taken over or put into service by the principal, prior to the expiry date specified in the policy, whichever is earlier.
The rating depends on:
- The type of equipment, annual maintenance contract and claim experience