This form of insurance provides an indemnity for all plant and or equipment (including spare parts and tools) of every kind and description owned or used by the insured or for which the insured may be responsible from time to time. The type of property that is typically insured under this class of insurance includes:
- Mobile Cranes
- Tower Cranes
- Man and Materials Hoists
- Demountables, Site Offices and Portable Ablution Buildings
- Generators, Lighting Towers, Scaffolding
- Hired in Plant and Equipment
- Tools of Trade
- Employees Tools
This policy needs to be carefully considered, as many contractors plant and equipment policies vary in respect to the sum insured. In some cases, insurers will impose a true market value definition as for sum insured; alternatively, other insurers provide a replacement value for a limited period of time (12 months).
Attention should be taken where hiring in equipment as usually you will be responsible for loss or damage to the equipment. In these circumstances appropriate insurance cover should be arranged.