NIC’s Contractor’s Plant & Machinery Insurance Policy covers Contractor’s Plant and Machinery against any unforeseen and sudden Physical loss or damage. Major perils covered are as under : Fire, theft, burglary, RSMD (Riot, Strike, Malicious Damage)
This defines plant and machinery as ‘whatever apparatus is used by a businessman for carrying on his business – not his stock in trade which he buys or makes for resale: but all goods and chattels, fixed or moveable, live or dead, which he keeps for permanent employment in the business’.
Pre-existing faults & damages. Loss of or damage to replaceable parts such as bits, drills, knives or other cutting edges, saw blades, dies, moulds etc. which by default suffer from a high rate of deprecation or wear & tear.
It covers all the damage/loss of the insured’s machinery such as cranes, bulldozers, compressors, etc. The advantage of this insurance policy is that it provides cover to the insured’s machineries irrespective of the fact that they are working / at rest/ dismantled for cleaning purposes.
CPM is commonly used with all forms of projects, including construction, aerospace and defense, software development, research projects, product development, engineering, and plant maintenance, among others. Any project with interdependent activities can apply this method of mathematical analysis.
