Insurance of construction machinery and equipment (CPM)
Insurance risks
- Cranes of various types (tower, port, mast, truck, etc.)
- Earthmoving machines and equipment (bulldozers, excavators, loaders, motor graders, road rollers, all-terrain vehicles, pipe layers, etc.)
- Mobile equipment for concreting
- Various vehicles on the construction site (trailers, pickups, trucks)
- Drilling and piling equipment
- Quiet or temporarily stationary equipment, asphalt pavers, concrete pumping equipment, locomotives on the construction site
Benefits of insurance in INGO
Features of insurance of construction machinery and equipment
The basis for determining the sum insured is the actual or replacement cost of the insured property as of the date of the insurance agreement. The actual value is determined based on the amount required to purchase fully similar equipment/techniques, less depreciation. Replacement cost is defined as the cost of purchasing or manufacturing new or similar equipment/ machinery of the same type and quality (purchase price), including delivery, customs duties, etc.
The standard insurance period is one year. If machinery and equipment are insured as part of a specific construction or installation project, the maximum insurance period for them is the period of the project.
When calculating the costs of restoring damaged construction equipment/machinery, prices typical for the area in which the insured property is located are taken into account.
Under the construction machinery and equipment insurance contract, additional coverage may be provided for the following risks:
- Occurrence of loss/s as a result of strikes, riots, civil unrest" with an indemnity limit of 25% of the sum insured under the contract.
- For the period of transportation of construction equipment from one place of insurance to another (except for transportation by own, water or air transport)
Additionally (within the amounts and limits stipulated by the contract), the following expenses may be indemnified
- for clearing the territory after the insured event
- storage and utilization of destroyed or damaged equipment/ machinery
- transportation and temporary storage of the insured equipment/ machinery
- increase in the cost of restoration works
- expenses incurred to prevent or reduce the amount of losses in case of an insured event
- protection and defense of property after the insured event
- to conduct an expert examination to determine the causes of the Insured Event and the amount of losses.
outlook - "Evolving"
8.12.2023
Is it possible to include war risks in the coverage?
Currently, it is not possible to include war risk coverage in the insurance program.
Is it possible to supplement insurance coverage with other risks? What can these additions be?
Yes, we take into account the individual characteristics of each project, so we use special additions to the standard coating. They can be divided into 3 groups:
- Clauses that extend the standard scope of insurance coverage
- Clauses that narrow the standard scope of insurance coverage
- Additional obligations of the insured
What is the territory of insurance coverage?
The territory of the insurance agreement is the construction sites - plots (territories) allocated in accordance with the established procedure by the construction plan for the construction of the construction object.
For how long can I conclude an insurance contract?
The insurance agreement shall be concluded for the entire period of construction and installation works, unless otherwise provided by the insurance agreement.
