Plant and equipment insurance

Plant and Equipment Insurance can cover registered and unregistered mobile plant equipment. In general insurance covers two areas; accidental damage to the insured item plus theft, the second may extend to public liability insurance covers injury to a member of the public or damage to a property during or potentially the hours of operation.

Insurance policies may also cover what is known as 'goods on hook' or 'on hook insurance' which is a form of liability protection to businesses that may be responsible for the physical damage or loss of or from items they do not own. Other cover might include rental cost reimbursement for temporary hire, cover for wet or dry hire or road and delivery risks.

The Get It Right Initiative (GIRI) in 2024 published 'The GIRI Insurance Guide: A perspective on risk management for construction projects' which describes 'different types (of insurance) depending on whether the plant or equipment is hired or owned, and covers for loss or damage. A combined contractor plant policy may cover both hired and owned plant'

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