If you are working in the construction or engineering industry, you will probably execute contractual site work in the future. However, this type of work can carry a high level of risk; major damage to, theft of, the plant machinery, equipment, and other tools. Such events sometimes prove disastrous to the welfare of your business. Damage or inherent loss to expensive machinery can be a catastrophe to your financial wellbeing. How to recoup when you encounter such a disastrous event? This is where the plant and equipment insurance sweeps in. The insurance protects your business and equipment from losses caused by unprecedented events. There are certain limitations and options of this type of insurance to determine whether your loss qualifies to be covered within the insurance policies and regulations. Plant and equipment insurance provides cover for various construction equipment such as portable tools, forklifts, and other heavy-duty pieces of machinery. It is pivotal to ensure that you have this insurance to forfeit yourself against potential theft, damage, and breakdown. Choose an insurance provider who provides coverage for both fixed and mobile equipment and forfeits damage to indoor and outdoor plants.
Coverage of the insurance
The plant and equipment insurance covers all physical damage incurred by the machinery that is not considerably excluded by the policy. The insurance may also include accidents and events due to the negligence of the individual managing the equipment and acts of God- storm, lightning, etc. The insurance covers the cost to repair or replace the damaged machinery. However, the insurance does not cover many items like electrical or mechanical breakdown, pre-existing defects, or any damages for which the manufacturer is responsible. It is recommended to check the policy carefully and scrutinize the other excursions to avoid discrepancies in the future.
Different types of cover that are available in a plant and equipment insurance policy
Whether you operate a large-scale construction site or are a low-scale worker, the insurance provides a wide spectrum of policies tailored to meet your needs and protect you against potential issues. Plant and equipment insurance covers:
- Road Risk liability
- Material damage
- Hired- in plant
- Downhole cover
- Dry and wet hired plant and equipment
If you hire equipment that poses a greater risk, you will be liable for the damage and hire costs for every day you hire the equipment. Choose a policy provider that arranges a comprehensive and machinery policy tailored to your specific requirements and provides coverage on an annual, short- term or contract basis, depending on your agreement, giving you the appropriate level of protection. The plant and equipment insurance also includes assistance for diggers, JCBs, and many other on-off site and storage equipment. If you require the necessary reinstatement of property, the policy can also include architect and surveyor fees. Select an insurance policy that offers a full range of financial advisory and placement services from the commencement to the completion of the contract. Some insurance providers also offer pure placement services for insurance programs often created and specifically tailored by others.