Future Generali Construction Equipment Insurance

About Future Generali

Future Generali India Insurance was incorporated in 2006 and began operations around 2007, with its head office in Mumbai and IRDAI registration number 132. It started as a joint venture pairing the Italian insurer Generali with India’s Future Group, and over the years grew a service network of more than 5,000 cashless garages and over 5,000 network hospitals.

The ownership reshaped itself in 2025. Central Bank of India came in with around a 26% stake, replacing the Future Group, while the Generali Group holds roughly 74% — and the business was renamed Generali Central Insurance. That is a striking combination for a plant owner to have behind a policy: Generali traces its roots to 1831, carries more than 190 years of insurance heritage and serves around 75 million customers worldwide, while Central Bank of India, founded in 1911, is one of the country’s oldest public-sector banks. A global insurer plus a long-standing PSU bank is an unusually solid pairing to stand behind an engineering claim.

Why insure with Future Generali

The first draw is pedigree. Engineering claims reward an insurer that understands technical risk, and few carry the depth of a group writing insurance since 1831 across dozens of countries. That kind of underwriting experience tends to translate into clear policy wording and a measured approach to large losses.

The second is the engineering focus itself. Future Generali writes a proper suite for plant and projects — Erection All Risk, Contractors’ All Risk, Contractors’ Plant & Machinery, Electronic Equipment and Machinery Breakdown — rather than treating equipment as a sideline. Add the reassurance of a PSU bank with more than a century of standing as a part-owner, plus a five-figure garage and hospital network, and you have a combination built for contractors who want both technical credibility and staying power behind their machines.

Coverages available

The centrepiece for plant owners is Contractors’ Plant & Machinery (CPM). It protects movable plant and machinery you own or lease while it is on site, paying for accidents, theft and burglary, collapse caused by collision or impact, and fire and lightning. The cover holds whether the machine is at work, parked, or being moved around the site, and each machine carries its own sum insured. Useful add-ons include third-party liability and freight, so the policy can stretch to cover others’ injury or property and the cost of getting parts to a stranded machine.

For project work, Future Generali writes Contractors’ All Risk (CAR) for civil construction and Erection All Risk (EAR) for installation and commissioning, both time-bound to the contract. There is an Electronic Equipment cover for sensitive electronics and instrumentation, and a Machinery Breakdown cover for the internal electrical or mechanical failures that CPM deliberately leaves out — a sensible gap-filler for high-value plant. The engineering suite is broad enough to wrap both a working fleet and the projects that fleet is deployed on.

What's usually not covered

What it's likely to cost

Plant cover never carries a fixed price — the risk drives the rate. As an indicative band, annual CPM premiums in India usually fall between 0.5% and 1.5% of the machine’s insured value. Purely to illustrate, a machine insured for ₹50 lakh might come in around ₹25,000 to ₹75,000 a year before GST. The real figure depends on the type and age of the machine, its insured value, where and how it works (mining, tunnelling and hilly terrain rate higher), your claims history, the excess you accept and the add-ons you select. Choosing a higher voluntary excess brings the premium down. There is no shortcut to a precise number other than a quote, which Desi Machines is happy to arrange.

How claims work

Report a loss promptly, and file an FIR straight away for theft, burglary or any third-party incident. Future Generali follows the standard IRDAI surveyor process — an IRDAI-licensed surveyor is appointed to inspect the loss, establish the cause and assess the amount. You can intimate a claim on the toll-free line 1800 220 233, on WhatsApp at +91 76780 06000, or through the GC Insure app. Keep the documents in order: policy copy, claim form, registration papers where the machine has them, the FIR for theft, repair estimates and bills, and dated photographs. Where the insurer’s liability is clear, an interim on-account payment can be released ahead of the final settlement so the work doesn’t grind to a halt.

24×7 claims: 1800 220 233

Rules & paperwork worth knowing

Frequently asked questions