Plant & Equipment Insurance
10 Docs
What is the difference between market value and agreed value?
Last Updated: September 16, 2026Market value is generally assessed at the time of loss, while agreed value is an amount accepted by the insurer and recorded on the policy schedule.
What happens if my plant or equipment is written off?
Last Updated: September 16, 2026If insured plant or equipment is declared a total loss, settlement depends on the policy's valuation method, insured amount, finance interests and applicable conditions.
Can I insure both owned and financed equipment?
Last Updated: September 16, 2026Plant and Equipment Insurance can cover owned, financed, leased or hire-purchase machinery, provided ownership and finance arrangements are correctly disclosed.
What is Financial Protection Cover?
Last Updated: September 17, 2026Financial Protection Cover is an insurer-specific term for optional benefits that may reduce certain financial consequences following insured damage to plant or equipment.
Can road-registered plant and equipment be covered?
Last Updated: September 16, 2026Road-registered plant and equipment can be insured under Plant and Equipment, Commercial Motor or a combined arrangement depending on how the equipment is used.
Can equipment I dry hire or wet hire to others be insured?
Last Updated: September 16, 2026Equipment hired to customers on a dry hire or wet hire basis can be insured, but the insurer needs to understand how the equipment is supplied, operated and secured.
Can equipment I hire in be insured?
Last Updated: September 16, 2026Plant and Equipment Insurance can cover equipment hired from another party where your business is responsible for it under a hire agreement, subject to policy terms and limits.
Who should consider Plant and Equipment Insurance?
Last Updated: September 16, 2026Plant and Equipment Insurance can be relevant to businesses that own, operate, finance, lease or hire machinery, with cover depending on how the equipment is used.
What types of plant and equipment can be covered?
Last Updated: September 16, 2026Plant and Equipment Insurance can cover many types of mobile and fixed machinery, depending on the equipment, ownership, use and operating conditions.
What is Plant and Equipment Insurance?
Last Updated: September 16, 2026Plant and Equipment Insurance can cover machinery and equipment used in a business against specified loss or damage, with additional sections available depending on the policy.