A Plant and Equipment Insurance policy is uniquely designed to cater for construction and related industries where all manner of road, off-road, mobile or fixed as well as hand-held plant and equipment is used.

What is covered in a Plant & Equipment Insurance policy?

Like most business insurance policies, a Plant & Equipment policy is broken down into a number of different sections, which you can include if additional cover is needed.

The main covers fall under a Material Damage section, which covers any physical damage to the insured machines and plant and includes theft and malicious damage.

Your general public liability cover can often be included in the policy if the Insurer accepts your particular occupation. This can be a great way of reducing costs by combining with the machines. Your road risk liability is also covered for any road-registered vehicles or machines.

You can often opt in for hired-in plant cover, that will cover a blanket amount for any hired-in equipment you use over the course of the year. This can be a big cost-saver if you hire in a lot of equipment and pay the hirer’s damage waiver each time. Some insurers will allow you to wet and dry hire your equipment out, and this can be added into the cover also.

Most insurers offer a section for financial loss or hire costs for the cost of hiring substitute machines in the event of damage or loss to your insured equipment. This is an optional cover.

Some insurers are also offering Agreed Value on certain machines and vehicles, which can provide additional certainty and value, especially where a finance party may be attached.

What sort of plant and equipment can be covered?

Below are just a few examples of plant and equipment that can be covered;

• Earthmoving plant

• Cranes

• Rock Crushers & Mining Plant

• Chippers and Stump Grinders

• Cherry Pickers & Boom Lifts

• Agricultural Equipment

• Hired-in Plant

• Mobile unregistered machines

• Static plant & hand held equipment

The above list is by no means exhaustive and it’s rare that an item or machine can’t be covered.

Working with an experienced broker gives you peace of mind that your valuable plant and equipment is covered properly so that if the worst happens, you’re back on your feet and operating with the least amount of delay and inconvenience.