Plant used in mining and resources work can have high values, specialist attachments and significant recovery costs. Insurance should reflect how each item is owned, financed, transported and operated.

Details to include #

• the make, model, year, description and value of each item
• attachments, accessories and modifications
• the policy valuation basis, such as market value or replacement value
• whether equipment is owned, financed, hired in or hired out
• road registration, transit and use on public roads
• site locations, storage, security and remote-area recovery exposure

Depending on the insurer and policy, options may be available for accidental damage, theft, fire, weather events, road risk, breakdown or hired equipment. Availability, conditions and excesses vary.

Check contracts and hire agreements #

Hire agreements may make the contractor responsible for loss of or damage to equipment, continuing hire charges and recovery costs. Do not assume these obligations are automatically covered.

Keep an accurate equipment schedule and review it whenever plant is bought, sold, financed or used for a different activity. Tools and portable equipment may require separate cover.