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Goldstar is one of the leading Insurance Companies in Uganda. We provide all types of General Insurance services to industrial, commercial, professional firms, Government institutions, individuals and other enterprises throughout Uganda.
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Uncertainty is no stranger to construction businesses in Uganda
The industry is rife with potential hazards, unpredictable challenges, and the inherent risk of mishaps.
Yet, there’s a beacon of financial security that can safeguard operations in the face of loss or damage – Contractors Plant and Machinery insurance.
This comprehensive insurance product is tailored specifically for plant and machinery within the construction industry.
Just as the name suggests, this specialised insurance caters to the safeguarding of construction plant and machinery.
Plant and Machinery can be substantial investments for businesses, often forming the backbone of daily operations.
Equipment such as cranes, bulldozers, and concrete mixers are not just financial heavyweights; they allow the business to turn building plans into reality.
Plant & Machinery insurance, also sometimes referred to as contractors plant and equipment insurance, is a cushion for contractors and businesses that are engaged in deployment, operations, and maintenance of plant and machinery, should an unexpected event occur.
When you take a Contractor Plant and Machinery insurance coverage for your business, you safeguard your company against any sudden and unexpected physical loss or damage to the items listed in the insurance schedule.
The GoldStar Contractor’s Plant And Machinery insurance policy provides comprehensive coverage for your equipment and machinery, shielding your business operations against any financial loss which may occur due to damage or loss of the machinery.
In the fast-moving business environment of Uganda, the GoldStar Contractors’ Plant and Machinery insurance coverage ensures that if any item (or part of it), whether at work, at rest, being dismantled for cleaning or overhauling, or during subsequent re-erection, suffers from unanticipated physical damage, you aren’t left in a financial predicament.
Therefore, in scenarios where repair or replacement becomes inevitable, GoldStar’s contractor plant and machinery insurance policy provides you with a financial cushion, making sure your business operations don’t get affected.
The key areas covered under a CPM insurance policy are:
This covers physical loss or damage to the insured machinery due to accidental causes. It also includes protection against damages caused by fire, lightning strikes, and explosions. Theft and Burglary losses or damage are also inclusive. This also extends to include protection against natural disasters such as storms, floods, earthquakes, landslides, and other weather-related events. Collision and Impact with other objects. Water Damage from flooding, burst pipes, or accidental spillage.
This offers protection of the machinery while it is being transported to or from the construction site covering risks such as accidents, collisions, and theft during transit.
The GoldStar’s CPM Insurance policy is designed to cover your valuable construction or agri-business assets, but we also understand that every business is unique hence the additional extensions aimed at covering all types of needs. These are not limited to the below:
It extends to include legal liability arising from accidental damage to third-party property or accidental bodily injury or death caused by the insured machinery.
This protects the equipment or machinery hired or leased from third parties against loss or damage while in the insured’s care.
This caters for the Reimbursement for hire charges that continue to accrue while the hired equipment is being repaired or replaced following an insured event.
This extends coverage for personal belongings of the machinery operators that are lost or damaged due to an insured event.
It covers additional costs incurred to expedite the repair or replacement of damaged machinery to minimize project delays.
This option provides you with an extra layer of protection, helping you safeguard your business against unforeseen circumstances related to political violence and terrorist acts.
Deciding on an insurance policy can be a challenging task, but with GoldStar Insurance, you have the freedom to design a policy that suits your needs perfectly .
In a dynamic and growing construction and agriculture sector like Uganda’s, staying ahead of risks is vital for sustaining growth and ensuring operational stability.
GoldStar’s CPM insurance cover represents a critical component in this risk management, providing essential mitigation of financial risk and offering a safety net for assets that are often the centrepiece of construction and agri-business projects and ensuring business continuity in the event of damage or loss.
In order to make an informed decision about choosing GoldStar’s Contractors Plant And Machinery Insurance, you can take a look at the Key Considerations to take note of and the Exclusions that apply to this policy.
Contractors All Risks insurance is property insurance for any building or civil engineering project. Cover on site during construction period…
Erection All Risks insurance provides broad coverage during assembling, erection and testing/ commissioning of new machinery, plant and steel structures involving little civil engineering work.
A major accident at a business premises cannot only destroy the assets but also bring the business to a standstill, leading to loss of gross profit.
You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.
Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.
Additional charges will apply and in certain circumstances this cover might not be available.
Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.
In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.
An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.
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