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Plant & Equipment Insurance is designed to protect your business's valuable machinery and equipment against unforeseen and sudden physical loss or damage. This insurance is essential for businesses that rely heavily on their equipment for daily operations, such as construction, manufacturing, and agriculture.
What is Typically Covered:
Accidental Damage: Covers unexpected damage to your plant and equipment from accidents during operation, transit, loading, and unloading.
Theft and Vandalism: Provides coverage for loss or damage due to theft or malicious damage.
Breakdown: Protects against the costs of repairing or replacing your machinery if it breaks down, excluding wear and tear.
Fire and Explosions: Covers damage caused by fire, lightning, explosion, and other similar perils.
Natural Disasters: Protection against losses from events like earthquakes, floods, and storms (coverage may vary based on location and policy terms).
Business Interruption: Compensation for loss of income resulting from equipment downtime due to a covered loss.
What is Not Typically Covered:
Wear and Tear: Gradual deterioration from normal use over time is not covered.
Poor Maintenance: Losses resulting from inadequate maintenance or care of the equipment.
Intentional Damage: Damage caused intentionally by the policyholder or their employees.
Manufacturing Defects: Issues that are a result of inherent defects from the manufacturer.
Electrical or Mechanical Breakdown: Some policies may exclude electrical or mechanical breakdown unless additional coverage is purchased.
Overloading or Misuse: Damage resulting from overloading, incorrect operation, or improper use of the equipment.
The Broad Risk Difference
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"You First" Principle
Your business comes first. We align our services with your values and needs, providing expert advice and insurance protection that allows you to focus on what matters most—growing your business with peace of mind.
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Accountability
We take full responsibility for the services and recommendations we provide. Every action is designed to deliver results, fostering trusted, long-term relationships with our clients. Your satisfaction and security are at the forefront of everything we do.
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Expert Solutions
With over 15 years of experience, we specialise in delivering tailored advice and solutions to protect your business. We customise our offerings to your unique needs, ensuring comprehensive coverage and peace of mind.
Frequently Asked Questions
1. Who needs Plant & Equipment Insurance?
Any business that operates with significant machinery and equipment, such as construction companies, manufacturers, farmers, and logistics providers, should consider this insurance to protect their investment.
2. Is Plant & Equipment Insurance mandatory?
While not legally mandatory, it is a prudent choice for protecting your business assets and ensuring continuity in case of equipment failure or loss.
3. Does Plant & Equipment Insurance cover hired or leased equipment?
Many policies can be extended to cover hired or leased equipment, but you should confirm this with your insurer as terms can vary.
4. How are premiums for Plant & Equipment Insurance calculated?
Premiums are typically based on the value of the equipment, the type of equipment, the risk exposure, and the claims history of the business.
5. What should I do if my equipment is damaged or breaks down?
You should notify your insurer immediately, providing details of the incident and any supporting documentation required for the claims process.