Covers any loss or damage from any cause occurring at work, at rest during maintenance operation
This is an insurance of contractor’s plant and machinery on annual bases. It covers any loss or damage from any cause whatsoever occurring at work, at rest during maintenance operation and is not limited to specific construction site.
Main causes of losses identification under CPM policy are
- Fire, lightning and explosion
- Natural perils
- Lack of skill
The cover doesn’t include third party legal liability unless it is incorporated in the contractors all risk insurance.