Contractors' Plant and Equipment (CPE)
The policy covers all losses or damages to plants and equipment involved in the construction project and provides financial security to all parties involved in a construction project during the course of construction.
Scope of Cover
If, at any time during the period of insurance stated in the Schedule, the machinery and plant described in the Schedule and used in performance of its proper function shall suffer any unforeseen or accidental loss or damage from any cause other than those specifically excluded necessitating repair or replacement, the Insurers will indemnify the Insured in respect of such loss or damage up to an amount not exceeding in any one year in respect of each of the items specified in the Schedule the sum set out opposite thereto and not exceeding in all the total sum expressed in the said Schedule as insured hereby.
- Incorrect operation, negligent or malicious acts of employees
- Forces of nature, such as storm, flood, hail, inundation, landslide, earthquake and volcanic eruption
- Fire, lightning and explosion
- Burglary and theft
- Collision, overturning, derailment
- Any other accident not excluded under general and special exclusions.
The insurance period is started immediately after uploading on the site and includes
- Storage on the site
- In course of Construction
And ended when the project has been completed.
A main feature is to protect all those who have an immediate economic interest in the project ("insurable interest"):
- The principal
- The contractor and all subcontractors
The advantage of insuring all the interested parties under the same policy is twofold:
- No time-consuming disputes in apportioning blame; i.e. repairs can commence quickly after notifying the insurer.
- No gaps in insurance cover which can happen in the case of individual policies.
Why you need Contractors' Plant and Equipment (CPE)
- The insured, the principle and other parties that have interests from the project.
- Temrs and Condition (Inquiry slip), Site or Plant layout plan and sections, project schedule.
- Description of the machinery including size, capacity, etc.
- The repair facilities and the extent of maintenance or servicing
- The general housekeeping and working environment, including business efficiency
- The extent of obsolescence, if any
- The availability of replacement parts
- The territorial location
- The claims history in relation to the insured machinery
- The sums insured
- Contractors' Plant and Equipment Insurance policy is needed when constractor undertakes any type of constraction work.
- The constractor has responsibilities and obligations towards the parties who may be involved and affeced. As a result of this, the constractor shall be protected these obligations by this insurance policy.
- In the event of any occurrence which might give rise to a claim under the Policy, the Insured shall:
- Notify CAMINCO directly or via agent/ broker immedately.
- Submit completed claim form or the loss adjuster's report providing most the information needed to ascertain whether or not the loss is covered.
- Immediately notify CAMINCO by telephone or telegram as well as in writing and supply all such particulars and proofs of a claim as may be required by the insurers
- Take all steps within his power to minimise the extent of the loss or damage
- Preserve the damaged property and make it available for inspection by a representative or surveyor of CAMINCO
- Inform the police authorities in case of loss or damage due to theft or burglary
- Advise CAMINCO of any other insurance covering all or part of the same risk.
- Where the loss is complicated, CAMINCO will appoint a loss adjuster to prepare a report, and the insured will provide the following information to the loss adjuster:
- The value of property prior to or after loss
- The extent of loss or damage
- The cause of loss or damage
- The likely cost to repair
- Any uninsured element (apart from the deductible)
- The effect of extensive delays to the work