Overview
Contractors’ plant insurance recognises the dependency of the construction industry on a wide range of plant and machinery; from tower cranes and large mobile cranes, to excavators, generators and hand tools. Due to the nature and use of these types of plant, they are susceptible to risks such as damage on site, damage in transit, fire and theft.
HSB’s Contractors’ Plant policy provides protection for unforeseen loss or damage to construction plant and machinery. Cover is available for owned or hired-in plant and targeted at plant owners, hirer or construction industry contractors. However, it is also relevant for manufacturers and businesses that often need to hire in plant and machinery.
HSB’s Contractors’ Plant Insurance policy provides:
– cover on a specified or blanket basis for owned plant
– broad description of plant cover covered with owned plant insurance on a reinstatement (new for old) basis up to 24 months old
– legal liability cover for hired-in plant under the terms of the hire agreement
– cover for plant whilst hired out
The policy contains no security conditions as standard. However, premium discounts are available for customers who install quality security systems (such as Thatcham-approved devices) and register with the Construction Equipment Security and Registration scheme (CESAR).
Cover extends to include repair repair investigation costs, debris removal, recovery of immobilised plant, damage due to cyber attack on owned plant, theft of fuel from insured plant, damage to unmanned aerial devices whilst not being operated, CPA contract lifts, Fire Brigade charges, loss of keys, transit by roll on/roll off ferry, temporary removal outside of the territorial limits but within the European Union.
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