The Insurance Law and its Sub-Decree requires construction site owners, contractors or sub-contractors to hold a Third Party Liability insurance as a minimum standard.
This insurance is compulsory for all buildings, repairing, and installing sites under a responsibility of an entrepreneur, a contractor or a sub-contractor or any legal entity under public law in charge of construction, repair or installation work for public interests.
WHAT IS CONTRACTORS PLANT AND MACHINERY?
Racing against time, your plant and machinery are working to full speeds and capacities on your project sites. While your sights are set on task completion before the timelines, there are risks you are aware of working accidents, collision, overturning, fire, theft, burglary and also natural hazards such as earthquake and flood. Safeguard your business from loss on these counts with complete protection for your plant and machinery with Fortes Contractors Plant and Machinery Insurance Policy.
WHAT IS COVERED?
This is a comprehensive insurance policy for your construction equipment deployed at project sites. The policy is basically meant for unforeseen and accidental physical loss or damage to equipment due to external causes. The equipment could be at work or at rest, and the policy also covers the machinery while it is dismantled, re-erected or shifted within the project premises. Examples of plant and machinery which can be insured under this policy are given below:
- Pavers for asphalt or concrete finishing
- Chain blocks, pulley blocks
- Site power-generating plant
- Mobile mixing plant
- Hauling equipment
- Excavators and loaders