Understanding Plant and Machinery Insurance: Why it will help your business


Plant and Equipment Insurance is a specifically designed package of covers for registered and unregistered mobile plant and equipment taken to job sites.
 
The key sections of cover are accidental loss or damage to the item, including theft, and Public Liability cover for injury to people or damage to their property while working with or operating the plant and equipment.
 
Common types of plant and equipment covered by this policy include trailers, excavators, mobile and tower cranes, farm machinery, and forklifts.

What Does Plant & Equipment Insurance Cover?


Plant and equipment insurance can take different forms. Some insurers specialise in mobile cranes, while others offer insurance cover specially tailored for farming or the construction industries.

Key Cover Sections:

  1. Accidental damage or theft – covering the cost to repair, reinstate or replace the damaged parts or accessories or pay the market value.

  1. Public & Product Liability – covering your liability for Personal Injury or Property Damage caused by the plant & equipment, which could involve substantial legal costs as well as court-awarded damages.

  1. Business Interruption – pays a pre-agreed weekly benefit if a listed item is damaged to hire a replacement. Cover starts from the time of the accident until repaired. Optional covers are also available, including Goods on Hook, reimbursement of rental costs for a temporary hire, Road Risk, and cover for Wet or Dry Hire.

Common types of plant and equipment include: 

  1. Bobcats

  2. Bulldozers

  3. Asphalting machines

  4. Earthmoving equipment

  5. Farming machinery

  6. Forklifts

  7. Mining equipment

  8. Road work equipment

  9. Trucks, trailers and tippers

Regardless of your occupation or the type of plant or equipment you operate, Insurance Advisernet has professional advisers who can discuss your needs and provide advice to help you manage the financial impact of loss or damage to your plant and equipment or injuries caused to people or their property.
 
To understand more please contact Derek Ford of Insurance Advisernet on [email protected] or call 0414 540 767