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Plant and Equipment Insurance | Master Builders Insurance Brokers
Plant and Equipment Insurance
Broad coverage for static and mobile equipment.
Equipment in transit
Dry hire for owned equipment
Aerial access equipment
Drilling and concreting equipment
What is Plant and Equipment Insurance?
If you are a contractor or sub-contractor, protecting your equipment from theft, damage or breakdown is critical for your business.
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).
What does a Plant and Equipment policy cover?
Why do you need this policy?
Here's 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.
Advice from our experts: