This insurance policy is issued to provide very wide protection to the contractor working on a construction project against accidental loss and/or damage to the works during construction period.
The policy is designed to cover comprehensive protection against Loss of or damage to the under construction project and to the contractor’s plant, machinery & equipments including third party property and surrounding property etc due to Fire, Burglary and Natural calamity.
There are two kinds of CAR polices, annual policies for contractors handling many small to medium contracts nature and a single contract policy for specific contracts.
Although Contractor’s plant equipment & machinery are covered under CAR policy yet if a contractor desires to insure his above assets separately a CPM policy can be issued.
Shaheen’s Contractor’s Plant & Machinery Policy (CPM) covers contractor’s plant, machinery & equipments used in constructions against damages or destruction within the construction site due to Perils covered.
By Erection All Risk Policy coverage is provided to the insured against all risks during the erection of machinery, plant and all kinds of steel structures. Testing / Trial run of newly installed/erected items is also covered under this policy.
Third party legal liability for loss of or damage to property and bodily injuries are also part of the coverage granted by this policy.
Shaheen provides adequate insurance protection to all types of mechanical plant, machinery and equipment whilst they are in operation, at rest or under maintenance against sudden and unforeseen loss or damage. If at any time during the period of Insurance the machinery insured suffers any unforeseen and sudden physical loss or damage from any cause in a manner necessitating for repair or replacement. Shaheen’s policy will indemnified the insured in respect of such loss or damage by payment or replacement or repair (at their own option) up to an amount not exceeding the total sum insured.
In addition to the cover granted under machinery Insurance policy for loss or damage MLOP provides coverage against the loss of profit due to business interruption caused by an accident covered under the Machinery Policy.