Chola MS Contractors Plant and Machinery

Cover sudden and unforeseen physical damage to machinery. The cover operates whether the machines are at work or at rest, or being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises. 

Rating factors are based on

• Type/Nature of Equipment
• Age of Equipment
• Capacity/RPM
• Imported/Indigenous
• Reparability/ Availability and Maintenance of spares
• Custom Build equipment/Prototype Equipment

• Vehicle designed and licensed for road,
• Loss or damage due to electrical or Mechanical breakdown, failure, breakage
• Damage To Replaceable Parts
• Boiler Explosion
• Water Borne Vessels Or Crafts
• Wear And Tear
• Transit Risks (can be covered under Marine Policy)
• Testing Risks
• War/Nuclear Risks
• Plant and Machinery working under ground are not covered

• The Marine CPM open policy  is insured for a period of 12 months to cover goods belonging to the assured or held trust by the assured.
• The policy is not assignable or transferable.
• Subject matter covered is CPM Equipments like Excavator, Cranes, Etc.
• Coverage is applicable only when the subject matter is carried on truck or other transport vehicle.
• The sum insured is the replacement value of CPM Equipments
• The transit will be covered as Anywhere in India  to Anywhere in India
• The policy shall be subject to condition of average stipulating that if at the time of any loss damage, the total value of goods in transit is more than the sum assured in respect of that specified transit, the assured shall be considered as being his own insurer for the difference and shall bear a rateable proportion of the loss accordingly.
• Sum assured under the Annual Policy shall stand; reinstated as from the time of the happening of an event giving rise to a valid claim and the assured shall remain responsible for a pro-rata additional premium for the remaining period of the policy on the amount reinstated continuing from the date of the loss.
• Terms of coverage is under Inland Transit Clause (B) and Strike ,Riot and Civil Commotion clauses
• Policy is subject to Cancellation clause as per wordings given below: This policy is subject to 7 days notice of cancellation by either party. In case the cancellation notice is served by the Insured this policy will refund the premium on the unexpired period on pro-rata basis subject to nil claims having been reported as on the date of cancellation. It is further agreed that all benefits under this policy shall stand forfeited from the date of notice of cancellation.

This product is underwritten by ‘Cholamandalam MS General Insurance Company Limited. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The product offered will be subject to Company’s underwriting and acceptance. Tax benefits under the policy are subject to prevailing tax laws. Tax laws and the benefits arising there under are subject to change. The policyholder is advised to seek an opinion of tax advisor in relation to the tax benefits applicable. All premiums are subject to applicable taxes, cesses & levies which will entirely be borne by the policyholder along with the payment of premium. For more details on benefits, premiums, exclusions, claims, cancellation or complaints, please contact ‘Cholamandalam MS General Insurance Company Limited at the toll free no. 1800-208-9100 (For other than Motor) and 1800-208-5544 (For Motor) or write to customer.services@cholams.murugappa.com or nearest branch office. This information is given by IndusInd Bank Ltd (IBL) whose registered office is at 2401 Gen. Thimmayya Road (Cantonment), Pune-411001, India. IndusInd Bank Ltd is a licensed Corporate Agent with license no. CA0001, CINLL65191PN1994PLC076333. IBL is a corporate agent of ‘Cholamandalam MS General Insurance Company Ltd (IRDA of India Registration no. 123, CIN:U66030TN2001PLC047977), Registered office: Dare House, 2nd Floor, No.2 N.S.C. Bose Road, Parrys, Chennai 600 001.SMS: ‘CHOLA’ to 56677, Whatsapp: 7305234433