Plant and Equipment Insurance can cover machinery and equipment used as part of a business against specified loss or damage.

Depending on the policy, insured equipment can include:

• Mobile plant
• Fixed machinery
• Owned equipment
• Financed equipment
• Leased equipment
• Hired-in equipment
• Equipment hired to other businesses
• Attachments and accessories

Common examples include:

• Excavators
• Skid steers
• Loaders
• Forklifts
• Cranes
• Elevated work platforms
• Generators
• Compressors

What risks can be insured? #

Depending on the policy, cover can be available for risks such as:

• Accidental damage
• Fire
• Theft
• Storm
• Rollover

Other sections or extensions may be available for matters such as:

• Machinery breakdown
• Transit
• Road risk
• Hired-in equipment
• Dry or wet hire
• Additional hire costs following an insured loss

These benefits should not be assumed to be automatically included.

The insurer needs to understand where and how the equipment operates, who uses it, whether it travels on public roads and whether it is hired to or from others.

What information affects the cover? #

The appropriate cover can depend on:

• Whether the equipment is mobile or fixed
• Whether it is road registered
• How and where it is used
• Whether it is owned, financed or leased
• Whether it is hired in or hired to other businesses
• The equipment value and operating location

Specialised uses such as underground work, lifting, drilling or work over water can require additional underwriting or policy conditions.

Other equipment that can be considered includes bulldozers, graders, telehandlers, drilling equipment, pavers, roadworking equipment, concrete pumps, agricultural machinery, trailers, attachments and accessories.

Portable tools and smaller equipment may sometimes be included, although General Property Insurance can also be relevant depending on the items and how they are used.

Contact our team if you would like help reviewing Plant and Equipment Insurance for your business.