Plant & Equipment Insurance Cover

Plant and Equipment Cover

Plant and Equipment Insurance

Whether you operate a large construction company or subcontract for a living, there is a good chance you depend on a variety of equipment to do your job.

Have you considered how you could maintain your livelihood if your equipment were vandalised, damaged, or stolen? Absorbing the cost of replacing equipment is beyond the budget of most businesses.

Plant and Equipment insurance is a smart way to give yourself the protection and peace of mind you deserve.

What is Plant and Equipment Insurance?

A Plant and Equipment policy will protect your stationary and mobile equipment from theft, accidental damage, and breakdown. Companies of all types that deal with heavy or specialised equipment should consider such a policy.

Which industries generally benefit from Plant and Equipment Insurance?

A number of businesses should consider taking a closer look at Plant and Equipment cover. This includes:

  • The Mining Industry - Drilling, underground, and open
  • Infrastructure - Paving, tunnelling, excavation, roadwork, and earthmoving
  • Energy - Trenching, pipelines, directional drilling, laying cables
  • Construction - Concreting, plumbing, piling, earthmoving, excavation
  • General - Plant hire, waste management, crane operators
What are some key coverage points I should look for in my Plant and Equipment insurance?

Because each company has its own specific needs, generalising can be tricky. However, most businesses would benefit from considering these benefits.

  • Dry Hire for equipment that you own
  • Transit cover to protect equipment that travels to various worksites.
  • Material damage to your plant and equipment
  • Hired in plant and equipment
  • Portable tools
  • Spare parts
  • Unspecified attachments
  • Agreed upon value (when the option is available for request)
Are there any exclusions to the cover provided by my Plant and Equipment policy?

It is vital that you speak with your insurance professional to get the specifics applicable to your cover. However, some general exclusions tend to apply to a majority of Plant and Equipment policies.

*Please Note*

This is a sample of various restrictions to cover but is not a comprehensive list. Look over your policy in its entirety, or contact us to help you learn more about exclusions.

Need Plant & Equipment Cover From the Experts?

Type of Cover
Description
War
Declared or undeclared, including civil war, insurrection, rebellion, or invasion by a foreign military
Lawful Seizure
Damage or loss associated with the detention, confiscation, or lawful seizure of insured property
Unlicensed Operator
If the property in question sustained damage while under the control of an operator without a license or with an expired or suspended license
Hired Plant or Equipment
If the property is not under your immediate supervision but hired out for use by another party
Nuclear Damages
If the damage comes from nuclear waste, fuel, nuclear weapons, or the combustion of nuclear fuel
Operating under the influence of drugs or alcohol
Damages to an insured piece of equipment or property run by an impaired operator
Test Refusal
If your operator refuses to submit to a test to determine if they were under the influence of drugs or alcohol at the time of an accident

Case Study

Nick operates a small trenching company. He recently hired Michelle to help with a large project. On her first day on the job, Michelle had an accident, ruining the expensive equipment and injuring himself.

Fortunately, Nick’s Plant and Equipment policy covered the ditcher and Michelle’s injuries. Michelle was willing to take a test to screen for drugs or alcohol, and he was free of any substances. The negative screening was an essential part of the Plant and Equipment insurance covering the machinery, rental of a replacement ditcher, and Michelle’s injuries.

You know the value of the tools of your trade. Make sure they are safe and secure by talking about Plant and Equipment Insurance with an insurance expert from Connect Business Insurance. You will get the cover you need and the peace of mind you deserve.

Insurance cover for equipment

*Please Note*

The material provided is for informational use only. It does not constitute legally binding insurance advice and should not take the place of an individual consultation with an insurance expert.

Need Plant & Equipment Cover From the Experts?