Construction plant and equipment can be exposed to accidental damage, theft, fire, weather events and transit or road risks. The right cover depends on how each item is owned, financed and used.

What can be insured? #

Cover may be available for items such as excavators, loaders, skid steers, cranes, generators and access equipment. Important details include:

• the description, age and value of each item
• whether values are based on market value, replacement value or another policy basis
• where the equipment is stored and operated
• whether it is registered or driven on public roads
• whether it is hired in, hired out or subject to finance

Some policies can also include options for breakdown, road risk, dry hire, wet hire or additional costs following damage. Availability and terms vary between insurers.

Check the full equipment exposure #

Small tools and portable equipment may need separate cover or specific listing. Hired-in plant can create contractual responsibilities that differ from owned equipment, so the hire agreement should be checked before work begins.

Accurate schedules and realistic values help reduce the risk of underinsurance. Tell your broker when equipment is bought, sold, financed or used differently so the policy can be reviewed.