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Everything About Plant Machinery Insurance

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Plant machinery 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 plant machinery insurance. It provides:

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
Earthmoving equipment
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

Truck Insurance

Truck Insurance is very similar to car insurance in that it involves two components: Own Damage Coverage and Third Party Coverage.

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Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

Details Get a quote!

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 profile. 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.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Truck Insurance HQ, ABN 33 606 759 228, AFSL 363610

This article originally appeared on Truck Insurance HQ Blog and has been published here with permission.