Plant & Equipment Insurance

Broad coverage for static and mobile equipment

Cover Built for the Way You Work

If you are a contractor or sub-contractor, protecting your equipment from theft, damage or breakdown is critical for your business.

COVER FOR

Material damage

Equipment in transit

Dry hire for owned equipment

Unspecified attachments

What is Plant and Equipment Insurance?

Covered Equipment: Cranes, Tower Cranes, Earthmoving Equipment, Aerial Access Equipment, Drilling and Concreting Equipment

Plant and Equipment Insurance provides an indemnity for all plant and equipment of every kind and description owned or used by you or for which you may be responsible from time to time.

This policy needs to be carefully considered, as many contractors’ Plant and Equipment policies vary with respect to the sum insured. In some cases, insurers will impose a true market value definition as the sum insured. Alternatively, other insurers provide a replacement value for a limited period of time (generally the first 12 months).

KEY BENEFITS

Cover for spare parts and tools

Includes hired-in plant and equipment

Agreed value available on request

Cover for any equipment

Why do you need this policy?

Here is an example:

Brad arrived at work to find that his excavator left securely on-site overnight was no longer there. He immediately contacted the police and reported it stolen.

As the vehicle was less than twelve months old, Brad was able to claim the agreed value for the machine. He was also able to hire a similar machine at the Insurer’s expense and continue to work, so he did not lose any income.