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Everything About Plant And Equipment Insurance - Truck Insurance HQ

Everything About Plant And Equipment Insurance

Plant and equipment insurance refer to insurance that provides cover for a wide range of construction equipment like bobcats, portable tools, forklifts and so much more. It’s necessary to ensure that you have an insured plant and equipment to safeguard yourself against issues like damage, theft, breakdown and others. 

What Does Plant and Equipment Insurance in Australia Cover? 

Construction plant and equipment insurance cover the damage or physical loss to an insured plant and machinery used at a  construction site. It provides – 

plant and equipment insurance

  • Insurance on current replacement value.
  • Full cover on partial or total loss or damage to machinery or equipment. 
  • The policy only after the excellent commissioning of the machinery and equipment. 
  • Cover for the plant and machinery that’s insured against physical damage or by any cause unless it’s not specifically excluded. 
  • Cover for insured items that are at rest, work or dismantled for cleaning or overhauling.

Add-on cover offers –

  • Additional customs duty 
  • Express freight 
  • Owners surrounding policy 
  • Airfreight
  • Owners surrounding policy  
  • Earthquakes 
  • Terrorism
  • Third-party liability 
  • Escalation of cost 
  • Clearance and removal of debris 
  • Shifting or dismantling of location 

 

What’s Not Covered Under The Policy?

  • Damage or losses due to mechanical or electrical breakdown or failure
  • Excess as stated in the schedule 
  • Pre-existing damages or faults 
  • Loss of or damage to replaceable parts like knives, bits, saw blades, other cutting edges, dies, moulds and so on.
  • Damage or loss due to explosion of pressure or boiler vessel subject to fluid pressure or internal fluid or of any internal combustion engine. 
  • Any kind of transit risk
  • Damage for which the manufacturer or supplier is responsible 
  • Damage due to terrorism risk
  • Damage/Loss due to insured plant and machinery due to –
  • Willful act or negligence of any of the parties
  • War and nuclear perils 
  • Contractual liability
  • Manufacturer’s guarantee
  • Consequential liability or loss of any kind or description 

 

What Types of Plant and Equipment Are Covered?

Including but not limited to – 

  • Forklifts
  • Asphalting machines and equipment 
  • Bobcats
  • Drilling rigs 
  • Concreting equipment 
  • Dumpers 
  • Drilling Rigs 
  • Earthmoving equipment 
  • Excavators 
  • Farming machinery 
  • Loaders 
  • Mining machines and equipment 
  • Logging machinery 
  • Pavers 
  • Self-loading vehicles 
  • Lifting equipment

 

Types of Covers Available in Plant and Equipment Insurance

Whether it’s a large scale construction site or a small one, there’s a broad range of policy covers that are available to protect you against potential issues. Plant and equipment insurance policy covers –

  • Broadform Liability 
  • Breakdown cover 
  • Consequential loss 
  • Breakdown cover 
  • Material damage 
  • Hired- in plant 
  • Dry hired plant and equipment 
  • Downhole cover 
  • Transit 
  • Wet hired plant and equipment 

 

If you want to learn more, contact us at 1300 815 344 or online at our Truck Insurance HQ website. You can talk to our experienced brokers and know more about the plant and equipment insurance available on our online website. Hurry up now! Avail discount offers and incentives available for our clients. 

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