Plants and machinery, like bulldozers and lift trucks, do the toughest work on a project site. They’re also a major investment for a contractor. Protect your heavy-duty equipment against damages and other risks with expert help from Outrisk Insurance!
What is Contractors Plant & Machinery Insurance?
What is Contractors Plant & Machinery Insurance?
Buying or building your own house is one of the most important investments of your life. A home is a precious asset and a haven where you and your family will co-create your life’s story. So it’s vital for your health and well-being to feel secure and calm about your home at all times.
Unexpected events and accidents related to your home might happen. That’s something you can’t always control and avoid.
Contractors Plant & Machinery Insurance protects businesses working on construction projects against damage to their plant & machinery or physical loss of their technical equipment. With the right insurance policy in place, contractors won’t need to worry anymore about the cost of repairing or replacing broken or lost plants & machinery.
Contractors are highly reliant on special equipment, such as compressors, drilling machines, bulldozers and forklift trucks. These plants & machinery are more than equipment for strenuous tasks. They’re a financial investment. Therefore, any loss or damage to this machinery or equipment can bring severe financial consequences for a contractor.
Contractor Plant & Machinery (CPM) insurance targets the unique risks of a contractor’s job, granting comprehensive coverage that can be combined with additional tailored policies.
- Coverage against damage and loss to insured plants and machinery
- Coverage for damages caused by external factors, e.g., accidental damage, fires, burglary, riots, etc.
- Includes replacement costs at current market value
- Coverage for the dismantlement of equipment for cleaning or overhauling purposes
Why insure your Plant & Machinery with Outrisk Insurance?
Why insure your Plant &
Machinery with Outrisk Insurance?
For any construction project, the contractor is dependent on machinery and other technical equipment to get the job done. Any physical loss or damage to this equipment can bring about substantial financial losses that small contractors cannot afford.
Our detailed Contractor Plant & Machinery Insurance plans will offer you the confidence you need to concentrate on what’s essential for the project to be completed to perfection!
With Outrisk, you can rest assured that your machinery and plants are protected against any damage or loss – at all times.
For any construction project, the contractor is dependent on machinery and other technical equipment to get the job done. Any physical loss or damage to this equipment can bring about substantial financial losses that small contractors cannot afford.
Our detailed Contractor Plant & Machinery Insurance plans will offer you the confidence you need to concentrate on what’s essential for the project to be completed to perfection!
With Outrisk, you can rest assured that your machinery and plants are protected against any damage or loss – at all times.
All in One
The most extensive coverage for your business – safeguards your work assets against all risks resulting in loss and damage.
Coverage in Cyprus
Coverage is not limited to the specific site or only for the project’s duration but is provided annually at construction sites and warehouses across Cyprus.
Reliable Insurance Provider
We have been serving Cyprus since 1989 and hold an undeniable track record of successful contractor’s plant & machinery insurance deals.
Round-the-Clock Customer Support
Our staff is readily available 24 hours, 7 days per week for unanticipated events and accidents.
Competitive Premiums
You receive extensive coverage at the most reasonable prices in Cyprus' insurance industry.
Quick claims settlement
We are committed to providing the most exceptional services, including the prompt settlement of claims so you can concentrate on running your business smoothly.
Who is this for?
Aimed at owners or contractors that use Plant & Construction Machinery in Cyprus.
Call Us +357 97770067
Email us info@outrisk.com
What type of Machinery can be insured?
What type of Machinery can be insured?
Owners or users of Plant & Construction Machinery, such as:
- Cranes
- Propellers
- Excavators
- Rulers
- Rollers
- Loaders
- Traction equipment
- Concrete machines
- Air compressors
- Pumps
Owners or users of Plant & Construction Machinery, such as:
- Cranes
- Propellers
- Excavators
- Rulers
- Rollers
- Loaders
- Traction equipment
- Concrete machines
- Air compressors
- Pumps
Why do I need Contractors Plant & Machinery Insurance?
Why do I need Contractors Plant & Machinery Insurance?
The harsh working conditions at a building site can put plants and machinery at risk of damage and loss.
Suppose an accident or damage occurs on the expensive machinery used by small or medium-scale contracting businesses. In that case, the owners or users of the equipment will have to pay any repair and replacement expenses out of their pocket.
Contractors who have already opted for Machinery Breakdown Insurance – note that this insurance type mainly covers internal damage to stationary and mobile plant and equipment, but not external damages.
For sufficient coverage for heavy-duty equipment and machinery used by contractors, the Plant & Machinery Insurance is ideal. It may also include coverage against damage caused by employer’s negligence or natural disasters, like falling trees, storms or lighting.
The insurance covers expenses for repairing or replacing the damaged machinery and more.
Not sure if Plant & Machinery Insurance fits your business needs? Call Outrisk Insurance expert brokers today!
What does Contractors Plant
& Machinery Insurance cover?
What does Contractors Plant
& Machinery Insurance cover?
It covers loss or damage to construction machinery and equipment due to a sudden and unforeseen incident.
- Physical damage to the machinery
- Accidental partial or extended damage
- Cover for machinery not currently used
- Cover for equipment at work
- Insurance will be offered on current replacement value
- Owners surrounding policy
- Express freight
- Airfreight
- Earthquake
- Escalation of cost
- Debris removal
- Third-Party Liability
- Dismantling and shifting to a new location
It covers loss or damage to construction machinery and equipment due to a sudden and unforeseen incident.
- Physical damage to the machinery
- Accidental partial or extended damage
- Cover for machinery not currently used
- Cover for equipment at work
- Insurance will be offered on current replacement value
- Owners surrounding policy
- Express freight
- Airfreight
- Earthquake
- Escalation of cost
- Debris removal
- Third-Party Liability
- Dismantling and shifting to a new location
Get an insurance quote
Get an
insurance quote
We have the experience and the competitive prices.
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Frequently asked questions
Contractor Plant & Machinery Insurance policy includes any exterior loss or damage to insured plant & machinery, such as forklift, compressors, excavators, pile driving devices, drilling machines, cranes, etc. This insurance plan also covers them irrespective of whether machinery is at work, disassembled for overhaul or cleaning purposes or at rest.
Many Contractor plant & machinery insurance plans include optional additions that offer further protection to machinery if an unfortunate incident happens. Explore all the available policies that fit your unique business needs with the help of Outrisk’s professional insurance brokers.
Examples of additional insurance policies might include:
- Clearance and removal of debris
- Additional customs duty
- Express freight
- Airfreight
- Dismantling and shifting to a new location
- Escalation of cost
- Earthquake
- Third-Party Liability
An insurance policy period is the time frame during which the insurance is in effect. The start date and end date are stated on the insurance documents and proof of payments. Clients usually renew their insurance plans or add new policies.
A Contractor plant & machinery insurance usually exclude:
- Loss or damage due to electrical or mechanical breakdown/failure
- Loss of or damage to replaceable parts such as bits, knives, drills, saw blades, molds, etc.
- Existing faults & damages
- Loss or damage due to:
- Explosion of any boiler or pressure vessel
- Fluid pressure
- War and nuclear perils
- Negligence of the insured
- Contractual liability
- Manufacturers guarantee
- Consequential loss or liability
- Terrorism
- Damage for which the supplier or manufacturer is responsible
- Any kind of Transit Risk
