All About Coverage Under Plant And Equipment Insurance

Many general insurance companies usually offer plant and equipment insurance. The insurance plans offered by different companies can fulfil the requirements of both tradesmen and contractors. When it is about the contractors, they either hire equipment or deploy their own at the construction site. Well, if they have a plant and equipment insurance, any associated loss or damage can be easily covered by the policy.

Businesses may suffer different kinds of losses while executing various on-site projects. In case the contractor fails to complete the project timely, they may be required to pay the hefty penalty. Well, all such risks can be avoided by getting a plant and equipment insurance.

If you are looking forward to getting a plant and equipment insurance for yourself, then here is what you need to know.

Who can buy plant and equipment insurance?

Both businessmen and contractors can buy plant and equipment insurance. If one anticipates damage or breakdown of the equipment and machinery, the insurance must be purchased. The insurance policy can be acquired by both the main contractor or sub-contractor.

Here is a list of people who can buy plant and equipment insurance:

• The actual user of the equipment

• The owner of the equipment

• Financial institutions investing in the construction project

• The contractors- to cover for the hired equipment or even their own

Benefits of buying plant and equipment insurance

The plant and equipment insurance can keep your assets protected. By protecting yourself against any loss or damage that may occur as a result of an accident, you can keep yourself financially secure and increase your profits.

• The plant and equipment policy helps you cover the following risks:

• The accidental loss and damage at the construction site

• They cover for equipment like bulldozers, cranes, and other heavy machines

• The insurance will cover the equipment while cleaning, overhauling, and re-erecting the same

• Add-on insurances can be bought for extended coverage against loss due to natural calamities like earthquake

How to claim the plant and equipment insurance?

You can bring the loss to the covered equipment to the notice of the insurer. Make sure you follow the rules and regulations set by the company to ensure that you receive the coverage. Inform the insurance company about the damage within 14 days of the damage. If you fail to inform the company about the accident, the chances are you will not be covered for the loss.

Make sure you take care of the following things:

• Share the information of the loss or the damage in a well-documented manner

• Offer complete support to the person appointed by the company to look into the matter

• Make sure you submit the claim form along with supporting documents

• Document the financial loss and damage that you have suffered and present the same to the company.

Wrapping it up

Plant and equipment insurances are essential for everyone working with machines. Now that you know all about plant and equipment insurance make sure you get one to avoid any financial loss and damage.