Broker-arranged
Plant and equipment insurance
Plant and equipment insurance covers excavators, bobcats, telehandlers, generators and other machinery against damage, theft and breakdown, on site and in transit. It’s the big-machine cousin of tools insurance. Here is what it covers, how hired-in plant works, and how a licensed broker arranges it.
- Owned and hired-in plant
- On site, in transit and in the yard
- One short form, then a licensed broker takes it from there
What is plant and equipment insurance?
A policy for mobile plant and machinery that covers accidental damage, theft, fire, storm, overturning and, as an option, breakdown. It can be written for machines you own, for plant you hire in, or both. Road registration and third-party property damage while a machine is driven on a road are usually separate sections, and some policies add liability for damage the machine causes on site.
Tools insurance covers hand and power tools up to a few thousand dollars each. Once a single item is a machine, it belongs on a plant policy with its own sum insured.
What’s usually covered, and what isn’t
Usually covered
- Accidental damage, including overturning and collision.
- Theft from a locked site, yard or vehicle, with conditions.
- Fire, storm and flood, on site and in transit.
- Hired-in plant you’re responsible for under the hire agreement, if you add it.
Usually not covered
- Wear, tear and gradual deterioration.
- Mechanical breakdown, unless you add the option.
- Damage while the machine is used beyond its rated capacity.
- Attachments and tools not listed on the schedule.
Owned plant or hired-in plant
| Owned plant | Hired-in plant | |
|---|---|---|
| Who buys it | Contractors, earthmovers, farmers and anyone who owns machinery | Builders and contractors who hire excavators, scissor lifts and generators |
| What it covers | Your machines, for their agreed or market value | Your liability for the hire company’s machine under the hire contract |
| Watch for | Sums insured that lag behind replacement cost | Hire agreements that make you liable for the full replacement value, including theft |
Many hire companies offer a damage waiver for a daily fee. A broker compares that with an annual hired-in plant section, which is usually cheaper if you hire often.
What changes the price
No prices on this page. A broker arranges quotes for your fleet of plant.
How to get plant cover through us
Plant and equipment insurance questions
Is machinery insurance the same as plant and equipment insurance?
Yes. Insurers use plant and equipment, mobile plant, machinery and contractors plant for the same kind of cover.
Does my commercial vehicle policy cover my excavator?
Usually not. Motor policies cover registered vehicles on the road. Unregistered plant, and plant working on site, belongs on a plant policy.
Is hired-in plant covered by the hire company?
Only if you take their damage waiver, and that often has exclusions. Your hire agreement usually makes you liable, so insure it under a hired-in plant section.
Does plant insurance cover the operator?
No. Employees are covered by workers compensation and owner-operators by personal accident cover. Injury to others is public liability.
Why is plant insurance arranged by a broker?
Each machine is listed with its own value and use, so a licensed broker arranges it rather than an online quote.
Keep reading
More broker-arranged cover
Sources
Plant and equipment