CONTRACTOR’S PLANT AND MACHINERY INSURANCE

1. JURISDICTION –

This applies to all risks located in India.

CPM Policy can be issued covering equipment on “Anywhere in India basis” with
following stipulations.

a) Full description with identification number etc. of each and every

equipment with valuation should be declared.

b) Transit risks from site to site will be excluded.

c) Earthquake extra for Zone I will be charged for the entire policy OR,
alternatively, Earthquake Cover will be excluded for Zones I & II.

d) Loading of 10% on the Basic CPM Rate shall be charged to cover

Floater Risk.

2. PROHIBITION TO ISSUE MB POLICY ON CPM EQUIPMENT-

MB risks in case of CPM equipments should not be covered either as an

extension of CPM insurance policy or under a separate MB policy.

3. SCOPE –

The cover shall be as per the standard policy form in respect of Contractor's Plant &
Machinery Insurance.

The Insurance of all types of Contractor's Plant Machinery and Equipments

(including those governed by the Motor Vehicles Act or rateable under Motor
Tariff) engaged for work at any specified location in India, shall be subject to these
General Regulations.

In respect of Machinery/ equipments, whether registered with RTO or not, but

engaged at the Project site, the Insured, has an option either to select the
Motor/Non-Motor Policy under Motor Tariff or CPM Policy in the Engineering
Department.

1. NUMBER OF LOCATIONS IN A POLICY –

The Policy Schedule will necessarily include a list of all items of Contractor's Plant,
Machinery and Equipments, indicating separate value against
each item. Any additions or deletions in these items during the Policy period of 12
months can be done on short period basis.

Policy schedule may also include more than one locations (projects sites) with separate
list of Contractors Plant , Machinery & Equipment at each location (Project site). Here
also any addition or deletion of different locations or any items of CPM equipments may
be done on short period basis.

However, if the Insurance is taken for a period shorter than 12 months, premium to be
charged will be on the basis of Short Period Scale provided hereafter.
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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

Similarly, the Insurance taken for 12 months initially but cancelled mid-term, before
completion of 12 months, will entitle refund on Short Period Scale only.

5. SHIFTING OF CONTRACTOR'S PLANT & MACHINERY-TRANSIT RISK –

Many a times items of Contractor's Plant, Machinery and Equipments require to be

shifted from one location (project site) to another location (project site). The risks
during transit (any mode) from one location to another location is outside the scope
of this policy and should be covered separately, if required, in the Marine
Department.

However, the risk during shifting of items of Contractor’s Plant, Machinery and
Equipments, in connection with work at a project site from one point of the project
site to another point in the same project site, is deemed to be covered within the
rates prescribed in Table I of Part I - Rate Schedule.

6. CONTRACTORS PLANT MACHINERY UNDER EAR/SCE/CAR

Where the SI on CPM equipments under the project requiring EAR/SCE insurances
exceeds 5% of SI for EAR/SCE or Rs.25 lacs whichever is lower, such equipment must
be rated under the CPM tariff.

Where the SI on CPM equipments under the project requiring CAR insurances exceeds
5% of SI for CAR, such equipment must be rated under the CPM tariff.

7. FLOATER RISKS-

Loading of 10% on the Contractor's Plant, Machinery & Equipment rate shall be charged
to cover Floater Risks.

8. RATES AND EXCESS FOR CPM INSURANCE –

Each item of the Contractor's Plant, Machinery & Equipment shall attract separate
rates as prescribed in Rate Schedule.

All Acts of God Perils other than Earthquake (Fire and Shock) are taken care of in
the rates prescribed in Rate Schedule. However, no reduction in the rates can be
allowed for excluding any of these perils.

For any single loss, only one excess would be applicable and that would be the
higher of the two applicable to the equipments OR for additional covers like
removal of debris etc.

The Policy excess will apply in case of claims relating to SURROUNDING Property
Damage. A separate excess as per Tariff shall be applicable on Air Freight and
Additional Customs Duty.

9. DISCOUNT FOR HIGHER EXCESS AMOUNTS –

A) All rates prescribed in Table I of Rate Schedule are subject to minimum Excess per
claim as in Table III.
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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

Discounts for selection of Higher Excess amounts can be allowed in the rates
prescribed in Table I, as per the following scale: -

Excess Increased to Discount (%)

2 times the minimum Excess 10 %

5 times the minimum Excess 20 %
10 times the minimum Excess 30 %
20 times the minimum Excess 42 ½ %

B) It is permissible to grant discounts as per following in the Earthquake premium alone

(for risks in Earthquake Zone I & II), if Higher Excess amounts are selected for
claims arising out of AOG perils: -

AOG Excess Discount in Earthquake

Increased to Premium

2 times the minimum Excess 10 %

5 times the minimum Excess 20 %
10 times the minimum Excess 30 %
20 times the minimum Excess 42 ½ %

The selection of Higher Excess for claims arising out of AOG Perils shall qualify for
discounts in Earthquake premium alone & not in the premium/rate in Table I of Part I
Rate Schedule.

10. ADDITIONAL RATES FOR EARTHQUAKE (FIRE & SHOCK) PERILS –

Additional rates, as prescribed in Table II of Part I- Rate Schedule, are to be charged in

respect of Contractor’s Plant, Machinery & Equipments engaged for work at a location/
project site, situated in Earthquake Zone I & II (as defined in the All India Fire Tariff).

These additional rates take care of Earthquake (Fire & Shock) Perils only.
Earthquake cover is optional in Earthquake Zones I & II.

Earthquake Extra for Zone I & II will be charged for the entire policy or alternatively
Earthquake cover will be excluded for Zone I & II.

11. ACTS OF GOD PERILS –

The Acts of God Perils shall mean -

a) Earthquake (Fire & Shock)
b) Landslide, Rockslide, Subsidence
c) Flood, Inundation
d) Storm, Tempest, Hurricane, Typhoon, Cyclone.

12. EXCESS FOR CLAIMS ARISING OUT OF AOG PERILS –

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

The Excess amount prescribed in Table III of Part I Rate Schedule for claims
arising out of Acts of God Perils shall apply separately to each incident giving rise to
loss or damage and for this purpose an incident shall not be considered to have
terminated until there have been seven consecutive days freedom from the perils
concerned and only thereafter will these excess amounts apply afresh.

13. DELETION OF EXCEPTION ‘K’ OF THE POLICY

For deletion of Exception ‘K’ under the Policy regarding Contractor’s Plant
and or Machinery working underground, applicable tariff rate should be loaded by
50%

14. CONTRACTOR'S PLANT & MACHINERY EQUIPMENTS MOUNTED ON FLOATING

VESSEL/CRAFT –

The Contractor’s Plant, Machinery & Equipments mounted on floating vessel/craft and
used for the purpose of contract work shall attract the rates prescribed in Table I of Rate
Schedule.

However, the Excess applicable for claims on such plant, machinery & equipments
mounted on floating vessel/craft shall be the Excess prescribed for `claims arising
out of AOG Perils’ in Table III of Part I - Rate Schedule.

15. ROUNDING OF RATES:-

It is not permissible to round off the rates in Annual Engg. Policies.

16. SHORT PERIOD SCALE OF PREMIUM RATES –

Policies issued or renewed for periods shorter than 12 months must be charged for on the
following scale, which must also be applied in calculating the premium where policies
are cancelled during currency at the request of the Insured.

Policy Period Required % of Annual Premium

Not exceeding 1 week 10 % of Annual Premium

Not exceeding 1 month 25 % of Annual Premium
Not exceeding 2 months 35 % of Annual Premium
Not exceeding 3 months 50 % of Annual Premium
Not exceeding 4 months 60 % of Annual Premium
Not exceeding 6 months 75 % of Annual Premium
Not exceeding 8 months 85 % of Annual Premium
Exceeding 8 months Full Annual Premium

17. THIRD PARTY LIABILITY –

A rate of 0.25 % p.a. should be charged on the total limit of indemnity selected to cover
the Third Party Liability upto the following limits: -
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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

i) Any one person Rs.10, 00,000/-

ii) Any one Accident Rs.25, 00,000/-
Third Party Liability Insurance for limits in excess of those mentioned above should be
underwritten in the Miscellaneous Department at the discretion of the Insurer.

The Excesses applicable for TPL Property Damage claims will be the highest of the
Excesses applicable to the Machineries insured.

18. OWNER'S SURROUNDING PROPERTY –

A rate of 0.25 % p.a. should be charged on the Sum Insured for Owners
Surrounding Property.

The Excesses applicable on the Owners Surrounding Property will be the highest of
the excesses applicable to machineries Insured.

19. CLEARANCE AND REMOVAL OF DEBRIS –

A rate of 0.25 % p.a. should be charged on the Sum Insured for Clearance &
Removal of debris.

The Excess applicable on the Clearance and Removal of debris will be highest of the
Excesses applicable to machineries insured

20. ADDITIONAL CUSTOM DUTY –

The cover for Additional Custom Duty is subject to following:

i) The cover for ACD will be on First Loss Basis,

ii) The specific limit for ACD - either in percentage or in amount has to be selected
by the Insured at the inception of the policy and can be reinstated in the event of
loss.
iii) The rate and excess will be as under:

Rate 2 % to be charged on ACD amount selected

21. EXPRESS FREIGHT-

Additional rate for express freight (air freight excluded), holiday and overtime rates of
wages –

The additional premium for covering express freight (air freight excluded), holiday
and overtime rate of wages, will be at the average rate applied on the limit selected.

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

22. AIR FREIGHT –

The rate and excess as under shall be charged exclusively for items of air freight only and
subject to the limit selected by the Insured for indemnity against air freight only.

Rate 5 % on the amount of indemnity selected

Excess 5 % of the air freight incurred per claim

23. ABANDONMENT

Loss or damage due to abandonment of any plant and/or machinery working in

underground mines or tunnels shall be excluded from the cover.

24. PAY LOADERS-

Pay Loaders on barges cannot be covered under CPM Policy

25. DISMANTLING OF CPM EQUIPMENT AND SHIFTING TO A NEW

LOCATION

Equipment covered under the CPM policy at a location are dismantled and shifted
to new/other site and re-erected there at, can be covered on payment of
additional premium at the rate of Rs. 0.20 % for that
equipment.

26. APPLICATION FOR SPECIAL RATING –

Application for special rating should be accompanied by an Inspection Report which

must invariably contain following information: -

a) Claim history for last 5 years preceding expiry policy period.

i) Total premium received

ii) Claims paid and outstanding

b) Any special remarks.

28. RULES FOR CANCELLATION –

For cancellation of insurance policy during the currency either wholly or in part -

a) at the option of the Insurer, a pro-rata refund of premium may be allowed for the
unexpired term on demand ,

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

b) at the Insured's request, refund of premium may be allowed after charging

premium for the time insurance was in force on short period scale subject to the
retention of minimum premium by the Insurer.

However, if, policy is replaced by new annual one, covering identical

equipment/machines for Sum Insured not less than the respective Sums Insured under the
cancelled policy, refund of premium may be allowed on pro-rata basis subject to retention
of minimum premium and subject to no loss.

If the risk is insured under short period scale, refund may be calculated at pro-rata
of the short period scale of premium provided such cancellation is followed by an
annual policy for Sum Insured not less than the Sum Insured under cancelled
policy. Otherwise, retention of premium shall be on short period scale.

For the Sum Insured not replaced in the renewed policy after cancellation, refund must be
calculated after charging premium on such sum for the time insurance was in force on
short period scale subject to retention of minimum premium by the Insurer.

c) In case of revision of Tariff rates/excess, it is not permissible to cancel the policy and
allow a refund of premium whereby an Insured pays lower premium for an insurance
than is payable at the rates applicable at the commencement of the policy.
29. MIDTERM INCREASE IN SUM INSURED –

If the Sum Insured is increased during the currency of the policy.

i) Short period scale of rates shall apply to increased amounts.

ii) If the policy is renewed thereafter for 12 months for an amount not less than
the increased Sum Insured, the difference of premium between short period
scale of rates and pro-rata rate may be refunded.
30. ESCALATION PROVISION -
It will be in order for Insurers to allow automatic regular increase in the Sum Insured
throughout the period of the policy in return for an additional premium to be paid in advance.
The terms and conditions for this extension shall be as follows -

a) The selected percentage increase shall not exceed 25 % of the Sum Insured.

b) The additional premium, payable in advance, will be at 50 % of the full rate, to be

charged on the selected percentage increase.

c) The Sum Insured at any point of time would be assessed after application of the
Escalation Clause.

d) Different escalation percentages for different machines may be granted under the
escalation clause.

e) Prorata Condition of Average will continue to apply as usual.

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

f) The Automatic increase operates from the date of inception upto the date of operation of
any of the Insured Perils.
31. GROSS RATES-
All rates specified in this Tariff are Gross Rates and Agency Commission (or discount in
lieu of Agency Commission) can be allowed from these rates, as per the Rules prevailing
from time to time.
******

STANDARD POLICY FORM

CONTRACTOR'S PLANT & MACHINERY INSURANCE POLICY -

EXCEPTIONS –
THE COMPANY SHALL NOT BE LIABLE UNDER THIS POLICY IN RESPECT OF -

a) the Excess stated in the Schedule to be borne by the Insured in any one
occurrence; if more than one item is lost or damaged in one occurrence, the insured shall
not, however, be called upon to bear more than the highest single Excess applicable to
such items;
b) loss or damage due to electrical or Mechanical breakdown, failure, breakage or
derangement, freezing of coolant or other fluid, defective lubrication or lack of oil or
coolant, but if as a consequence of such breakdown or derangement an accident
occurs causing external damage, such consequential damage will be indemnifiable.

c) loss of or damage to replaceable parts and attachment such as bits, drills, knives
or other cutting edges, saw blades dies, moulds, patterns, pulverizing and crushing
surfaces, screens and sieves, ropes, belts, chains, elevator and conveyor bands,
batteries, tyres, connecting wires and cables, flexible pipes, joining and packing
material regularly replaced;

d) loss or damage due to explosion of any boiler or pressure vessel subject to internal steam
or fluid pressure or of any internal combustion engine;

e) loss of or damage to vehicles designed and licensed for general road use unless these
vehicles are exclusively used on construction site;

f) loss of or damage to Hull and machinery of waterborne vessels or crafts, however this
exclusion shall not apply to Contractors Plant and machinery mounted on water borne
vessels or crafts for the purpose of use for the contract work.

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

g) loss or damage due to total or partial immersion in tidal waters;

h) loss or damage whilst in transit, from one location to another location. (Public
Liability will not be payable while Contractors Plant & Machineries are on Public
Roads).

i) loss or damage as a direct consequence of the continual influence of operation (e.g.

wear and tear, corrosion, rust, deterioration due to lack of use and normal atmospheric
conditions);
j) loss or damage occurring whilst any insured item is under- going a test of any kind or is
being used in any manner or for any purpose other than that for which it was designed;

k) loss of or damage to plant and/or machinery working underground.

Note- This does not apply to Machineries used in Tunneling works.

l) War, Invasion, act of foreign enemy, hostilities or war like operation (whether war be
declared or not), Civil War, Rebellion Revolution Insurrection, Mutiny, Civil
Commotion, Military or usurped power, martial law, conspiracy, confiscation,
commandeering a group of malicious person or persons acting on behalf of or in
connection with any political organisation, requisition or destruction or damage by order
of any government de jure or de facto or by any public, Municipal or Local Authority.

m) loss or damage directly or indirectly caused by, or arising out of, or aggravated by
nuclear reaction, nuclear radiation or radioactive contamination.

n) loss or damage due to any faults or defects existing at the time of commencement of this
policy within the knowledge of the insured or his representatives, whether such faults
or defects were known to the Company or not;

o) loss or damage directly or indirectly caused by, or arising out of or aggravated by the
willful act or willful negligence of the insured or his representatives.

p) loss or damage for which the supplier or manufacturer is responsible either by law or
under contract;

q) consequential loss or liability of any kind or description;

r) loss or damage discovered only at the time of taking an inventory or during routine
servicing.

In any action, suit or other proceeding where the company allege that by reason of the
provisions of exclusions (m) to (q) above any loss, destruction or damage is not covered by
this policy, the onus of proving that such loss, destruction or damage is covered shall be
upon the insured.

PROVISIONS
1. SUM INSURED –

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

It is a requirement of this insurance that the Sum Insured shall be equal to the cost
of replacement of the insured property by new property of the same kind and same
capacity, which shall mean its replacement cost including freight, dues and customs
duties if any and erection costs.

2. BASIS OF INDEMNITY –

a) In cases where damage to an insured item can be repaired the Company will pay
expenses necessarily incurred to restore the damaged machine to its condition
immediately prior to the accident/loss plus the cost of dismantling and re-
erection incurred for the purpose of effecting the repairs as well as ordinary
freight to and from a repair-shop, customs duties and dues if any, to the extent
such expenses have been included in the Sum Insured. If the repairs are
executed at a workshop owned by the Insured, the Company will pay the cost of
materials and wages incurred for the purpose of the repairs plus a reasonable
percentage to cover overhead charges.

No deduction shall be made for depreciation in respect of parts replaced, except

those with limited life, but the value of any salvage will be taken into account. If
the cost of repairs as detailed hereinabove equals or exceeds the actual value of
the machinery insured immediately before the occurrence of the damage, the
settlement shall be made on the basis provided for in (b) below.

b) In cases where an insured item is totally destroyed the Company will pay the actual
value of the item immediately before the occurrence of the loss, including costs for
ordinary freight, erection and customs duties if any, provided such expenses have
been included in the sum insured, such actual value to be calculated by deducting
proper depreciation from the replacement value of the item. The Company will
also pay any normal charges for dismantling of the machinery destroyed but the
salvage shall be taken into account.

Any extra charges incurred for overtime, night-work, work on public holiday,
express freight, are covered by this insurance only if especially agreed to in writing.

In the event of the Makers' drawing, patterns and core boxes necessary for the
execution of a repair, not being available, the Company shall not be liable for the
cost of making any such drawings, patterns and core boxes.

The cost of any alteration, improvements or overhauls shall not be recoverable

under this Policy.

The cost of any provisional repairs will be borne by the Company if such repairs
constitute part of the final repairs, and do not increase the total repair expenses.

If the sum insured is less than the amount required to be insured as per Provision- I herein
above, the Company will pay only in such proportion as the sum insured bears to the
amount required to be insured. Every item, if more than one, shall be subject to this
condition separately.

The Company will make payments only after being satisfied, with the necessary bills and
documents, that the repairs have been effected or replacement have taken place, as the
case may be. The Company may, however, not insist for bills and documents in case of
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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

total loss where the insured is unable to replace the damaged equipment for reasons
beyond their control. In such a case claims can be settled on ‘Indemnity Basis’.

3. CONDITIONS –

a) This Policy and the attached Schedule(s) shall be read together as one contract
and any words and expressions to which specific meanings have been attached in
any part of this Policy or of the attached Schedule(s) shall bear the same meaning
wherever they may appear.

b) If a claim is in any respect fraudulent or if any false declaration is made or used

in support thereof or if any fraudulent means or devices are used by the Insured
or any one acting on his behalf to obtain any benefit under this Policy, or if a
claim is made and rejected and no action or suit is commenced within three
months after such rejection or in case of arbitration taking place as provided
therein within three months after the arbitrator or arbitrators or umpire have made
their award, all benefits under this Policy shall be forfeited.

c) No admission, offer, promise, payment or indemnity shall be made or given by or

on behalf of the Insured without the written consent of the Company who shall be
entitled if they so desire to take over and conduct in the name of the Insured the
defense or settlement of any claim for indemnity or damage or otherwise and
shall have full discretion in the conduct of any proceeding or in the settlement of
any claim and the Insured shall give all such information and assistance as the
Company may require.

d) The due observance and fulfillment of the terms, provisions and conditions of
and endorsement on this policy in so far as they relate to anything to be done or
complied with by the Insured and the truth of the statements and answers in the
said proposal shall be conditions precedent to any liability of the Company to
make any payment under this policy.

4. MISCELLANEOUS –

The Insured shall -

a) take all practicable steps including in the case of machinery lost or stolen or
willfully damaged by giving of immediate notice to the Police to recover any
property lost or stolen and in the case of theft or willful damage to discover the
guilty person or persons.

b) produce or give access to any property alleged to be damaged and the Insured
shall be bound to satisfy the Company by such reasonable evidence as the
Company may require that the loss destruction or damage in respect of which a
claim is made has actually arisen from one of the risks insured.

5. OBLIGATIONS OF THE INSURED:

a) The insured shall take all reasonable steps to maintain the insured property in
efficient working order and to ensure that no item is habitually or intentionally
overloaded. The Insured shall fully observe the manufacture's instructions for

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

operating, inspection and overhaul, as well as government, statutory, municipal and

all other binding regulations in force concerning the operation and maintenance of
the insured plant and machinery;

b) The Company’s officials and/or their representatives shall at all reasonable times
have the right to inspect and examine any property insured hereunder and the
Insured shall provide the officials of the Company with all details and
information necessary for the assessment of the risk.

c) In the event of any;

i) Material change in the original risk,

ii) Alteration, modification or addition to an insured item,
iii) Departure from prescribed operating condition, whereby the risk of loss or
damage increases.
iv) Change in the Insured's interest (such as discontinuation or liquidation of the
business or being placed in receivership) taking place.

The Policy shall be void unless its continuance be agreed by endorsement signed by
the Company.

6. DUTIES FOLLOWING AN ACCIDENT –

In the event of any occurrence which might give rise to a claim under this policy the
Insured shall -

a) immediately notify the Company by telephone or telegram as well as in writing,

giving an indication as to the nature and extent of loss or damage.

b) take all reasonable steps within his power to minimise the extent of the loss or
damage or liability;

c) Preserve the damaged or defective parts and make them available for inspection by
an official or surveyor of the Company;

d) furnish all such information and documentary evidence as the company may require.

The Company shall not be liable for any loss or damage of which no notice and
completed claims form have been received by the Company within Fourteen days of its
occurrence.
Upon notification of a claim being given to the Company, the Insured may proceed with
the repair of any minor damage not exceeding Rs. 7,500/- provided that the carrying out
of such repairs is without prejudice to any question of liability of the Company and that
any damaged part requiring replacement is kept for inspection by the Company, but in all
other cases a representative of the Company shall have the opportunity of inspecting the
damage before any alterations, repairs or replacements are effected. Nothing contained
herein shall prevent the Insured from taking such steps as are absolutely necessary to
maintain the operation of the plant.

The liability of the Company under this Policy in respect of any item of property
sustaining damage, for which indemnity is provided, shall cease if the said item is kept
in operation without being repaired to the satisfaction of the Company.
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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

7. OTHER INSURANCES –

If at the time any claim arises under this Policy there is any other insurance covering the
same loss damage or liability, the Company shall not be liable to pay or contribute more
then its rateable proportion of such loss damage or liability.

8. POSITION AFTER A CLAIM –

a) The Insured shall not be entitled to abandon any property to the Company whether
taken possession of by the Company or not.

b) As from the day of the loss the Sum Insured for remainder of the period of insurance
is reduced by the amount of the compensation. To prevent under insurance during the
remainder of the current period of insurance the amount insured must be reinstated.
The premium will be calculated pro-rata from the day the repaired item is again put
to work. For subsequent periods of insurance the original indemnity and premium are
again in force unless circumstances justify an alteration.

9. TRANSFER OF INTEREST –

The insurance granted by this Policy shall cease to attach to any items described in the
Schedule the interest in which shall pass from the Insured otherwise than by will or
operation of law, unless the consent of the Company for the continuance of the insurance
shall be obtained and signified by endorsement hereon.

10. TERMINATION OF INSURANCE -

This insurance may be terminated at any time at the request of the Insured, in which case
the Company will retain the premium calculated at the customary short period rate for the
time the policy has been in force. This insurance may also at any time be terminated at
the option of the Company, by 15 days notice to that effect being given to the insured, in
which case the Company shall be liable to repay on demand a rateable proportion of the
premium for the unexpired term from the date of the cancellation.

11. RECOURSE –

The Insured shall at the expense of the Company do and concur in doing and permit to be
done, all such acts and things as may be necessary or required by the Company in
endorsing any right or remedies or of obtaining relief or indemnity from parties (other
than those insured under this Policy) to which the Company shall be or would become
entitled or subrogated upon their paying for or making good of any loss or damage under
this Policy, whether such acts and things shall be or become necessary or required
before or after the Insured's indemnification by the Company.

12. ARBITRATION - same as others

CONTRACTOR'S PLANT AND MACHINERY INSURANCE TARIFF-RATE SCHEDULE

Group of Rates (Rs)

(Inclusive of all 'Acts of God Perils' except earthquake)
Machinery

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 CONTRACTOR’S PLANT AND MACHINERY INSURANCE

I 0.60 %

Plus Earth quake Extras as shown in

II 0.80 % Table II below

III 1.00 %

IV 2.00 %

V 0.20 %

Note: Plants and or Machineries working underground/tunnels should be rated at a loading of 50 % over the above rates.

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