Contractors' Plant and Equipment Insurance (CPE) / Plant All Risks Insurance (PAR)

This cover is also known as Plant All Risks (PAR) insurance or Contractors' Plant and Machinery (CPM) insurance. Construction works often call for the use of heavy, specialized machinery such as tunnel boring machines, earthmoving equipment, cranes, pumps, air compressors etc. It is possible to cover such plant and equipment by way of an appropriate endorsement under CAR or EPIC policies. However, specific items of plant are usually only on one construction/erection site until the particular job for which they are designed for is completed. Obviously, such jobs do not last for the whole construction period and the plant is moved on to the next site as soon as its job is finished. Therefore, in most cases, cover granted by means of an endorsement to the CAR or EPIC policy would not be suitable, because such policies are limited to loss or damage caused at one particular construction site only. It is preferable to issue an annually renewable Contractors' Plant and Equipment policy, because it caters for plant and equipment used at different locations.

Cover

Cover is on an "all risks" basis, and is basically for unforeseen and accidental physical loss or damage due to external causes.

Main Hazards

The main hazards are: fortuitous working accidents such as collision and overturning, fire, burglary, theft, faulty operation, natural perils such as earthquake, storm and flood.

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BEE Rating

The RMB Structured Insurance Group is majority owned by RMB Holdings. The Group's BEE shareholder is New Seasons Financial Services (Proprietary) Limited. New Seasons Financial Services (Proprietary) Limited holds a direct 15% investment in RMB-SI Investments (Proprietary) Limited.