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Plant & Equipment Insurance

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 ag

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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.

For more information, feel free to contact Warren directly at warren@broadrisk.com.au or call him on 0422 131 401.

What is Typically Covered:

  • Accidental DamageCovers unexpected damage to your plant and equipment from accidents during operation, transit, loading, and unloading.
  • Theft and VandalismProvides coverage for loss or damage due to theft or malicious damage.
  • BreakdownProtects against the costs of repairing or replacing your machinery if it breaks down, excluding wear and tear.
  • Fire and ExplosionsCovers damage caused by fire, lightning, explosion, and other similar perils.
  • Natural DisastersProtection against losses from events like earthquakes, floods, and storms (coverage may vary based on location and policy terms).
  • Business InterruptionCompensation for loss of income resulting from equipment downtime due to a covered loss.

What is Not Typically Covered:

  • Wear and TearGradual deterioration from normal use over time is not covered.
  • Poor MaintenanceLosses resulting from inadequate maintenance or care of the equipment.
  • Intentional DamageDamage caused intentionally by the policyholder or their employees.
  • Manufacturing DefectsIssues that are a result of inherent defects from the manufacturer.
  • Electrical or Mechanical BreakdownSome policies may exclude electrical or mechanical breakdown unless additional coverage is purchased.
  • Overloading or MisuseDamage resulting from overloading, incorrect operation, or improper use of the equipment.

Frequently Asked Questions

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.

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.

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.

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.

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.

Updated

Speak directly with your broker

No call centres. No ticket queues. Warren Reid — senior broker, Gold Coast.

Get a quote Call 0422 131 401

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