Search results

Saturday, 18 July 2015

Plants All Risk Insurance

Plant All Risks Insurance is protection for plants and machinery against unforeseen physical loss or damage due to external causes. Construction and erection works often call for the use of heavy, specialized machinery such as tunnel boring machines, earthmoving equipment, cranes, pumps, air compressors etc. so it’s important to have all plant and equipment covered by insurance as no one knows what may happen.

Plant All Risks Insurance includes loss or damage caused by:

  •     Mechanical or electrical failure or over-heating of the insured plant
  •     Loss or damage to any item due to its own explosion
  •     Depreciation
  •     Wear and tear
  •     Gradual deterioration
  •     War, civil war, mutiny or military insurrection
  •     Infidelity or dishonesty of the insured’s employees
  •     Consequential loss

There are different types of construction work insurance offered, which are

Contract Works Insurance

Contract Works Insurance provides cover for the property being worked on, i.e. the ‘works’. Contract Works cover are mainly that any damage that occurs to the ‘works’ being carried out can mean having to do the work twice for only one payment – for example if the extension catches fire or the roof blows off half way through the job.

Own Plant Insurance

An Own Plant insurance policy will include cover for any of your own plant, scaffolding, site huts or temporary buildings that are owned or hired by you.

Hired In Plant Insurance

If you hire in plant and equipment, it is likely that the owner of the equipment will hand over responsibility for any damage or theft to the machinery. By taking out Hired-in Plant Insurance, you will cover both the equipment and any liability you may have to the owner.

Tools Insurance

Tools are crucial to some businesses, particularly to those in the construction industry and to independent tradesmen. Protecting your tools with insurance means that you’ll have the peace of mind that they can be replaced with a minimum of disruption to your business activities. The level of tools insurance varies. It covers hand-tools, power-tools and equipment for loss, damage or theft.

No comments:

Post a Comment