Plant is expensive, especially specialised plant for specific construction jobs. Sometimes you own it, other times you hire it, but if something unexpected happens it can make an enormous hole in your company’s finances. Consequential loss contractors plant and machinery insurance covers the everyday risks faced by your company.
What’s covered?
The policy covers plant repairs or replacement after a sudden and unexpected physical loss of – or damage to – insured machines, excluding internal breakdowns at work, at rest, and during maintenance. It isn’t site-specific, it covers all the sites you work on while insured:
- Protects your own machinery and any hired items
- Covers loss or damage to owned contractors plant
- Includes legal liability for loss or damage to hired in contractors plant
- Covers continuing hiring charges
- Covers owned or hired in plant that is then hired out to others
- Covers damage arising from an impact
- Pays recovery costs for immobilised plant and equipment
- Includes cover for theft from unattended vehicles