Last Updated on January 30, 2023 by hassan abbas
Plant and Machinery like trucks, compressors, bulldozers, drilling machines are a major part of contractor’s investment. Major risks and wear tear associated with damage to these plants is due to the work performed by these machineries and plants. The damage to plant and equipment and be a catastrophe for a small construction business since major part of investment lies in these machineries.
Therefore, plant and equipment insurance can help you work strain free by providing insurance against business for these losses.
Why to take Plant and equipment insurance ?
Plant and Equipment insurance assures:
- The insurance covers loss or damage to plant and machinery used on the project site.
- The cover offers selection on the machinery which you would like to be insured.
Why is getting insurance a necessity?
Many times the machinery is hired while other times they are purchased by the company. Any damage can result in a loss to the investment but a good insurance policy the contractor can relax knowing their business will be protected and stay afloat in all situations.
The benefits that arise are as follows:
- Any loss incurred to the construction equipment like compressors, crane, bulldozers etc shall be covered and insured under the scheme.
- The plant and machinery insurance plan continues to be operative for all the items insured irrespective of any work in process on them.
- Complete coverage for total or partial damage.
- The insurance amount is for the current replacement amount of the equipment.
What will be the total covering of the Sum?
The sum insured equals the cost of replacement of each item by a new item of the same kind and capacity. New replacement cost includes custom duty, freight and the cost of erection.
Truck insurance HQ assists in all Machinery insurance needs, having a wide coverage with the best insurance companies in Australia. Heavy duty machinery also known as earthmoving equipment are insured in both comprehensive and competitive methods as per the needs of the earthmoving specialists.
Check for the most competitive and reasonable prices offered by them.
Read More: Heavy Machinery Moving Made Easier
