Plant & Equipment Insurance

Reduce risk and secure your future with the trusted insurance advisers at Astute.

What is Plant & Equipment Insurance?

Plant and Equipment Insurance is specifically designed to cover registered and unregistered mobile plants, as well as equipment taken to job sites. 

There are two main sections of cover: the first is insurance for accidental damage to the item and theft, or you can choose Public Liability which provides cover if you injure someone or damage their property while working or operating the plant. There are also optional covers available at extra cost – such as goods on hook, reimbursement of rental costs for a temporary hire, road risk, and extended cover for wet or dry hire.

Why is Plant & Equipment Insurance important?

Accidents happen, plants and equipment are stolen from sites, and people get injured. The damage to your plant can be very expensive to repair, as well as the cost of hiring a replacement item so you can complete the job.  Finding the money to pay for repairs, or to buy a replacement unit if yours is stolen, can be difficult. In addition, if you’re found responsible for an injury to someone or damaging property, legal defences costs and damages awarded by a court can be very expensive.

Insurance is a good way to manage financial risk. It’s easier to budget for monthly insurance premiums than to suddenly find enough money to pay for repairs or buy a new machine.

Common types of plant and equipment include:

  • bobcats
  • bulldozers
  • excavators
  • asphalting machines
  • earthmoving equipment
  • farming machinery
  • forklifts
  • mining equipment
  • road work equipment
  • mobile and tower cranes
  • trucks, trailers and tippers.

What does Plant & Equipment Insurance cover?

Plant & Equipment Insurance can come in different forms – for example, some insurers specialise in mobile cranes, while others have insurance cover especially tailored for farming or the construction industry. We recommend exploring your options to compare insurers and insurance covers. 

The main types of insurance are:

  • Accidental Damage/Theft – covers the costs of repairing, reinstating or replacing the damaged parts or accessories, paying the sum insured or market value, or replacing the item and accessories.
  • Road Risk – covers personal injury as a result of an accident if the unit is unregistered, as well as damage to property on a public road or public area.
  • Public & Product Liability – covers for personal injury or property damage because of an occurrence in connection with your business or caused by your products.
  • Business Interruption – pays an agreed weekly benefit if a listed item is damaged. The cover starts from the time of the accident until repaired.

It’s important to remember that Plant & Equipment Insurance doesn’t cover personal injury to passengers or others if the item is registered and on a public road. This is often called Compulsory Third Party (CTP) Insurance, and must be purchased before you drive the plant if it is registered.

Regardless of your occupation or industry, we can discuss your business risks and help you  manage the key risks, including recommending insurance options available.

Speak to an insurance expert

Speak to an insurance expert

It is our business to understand your objectives, needs, financial situation and risk profile and provide you and your business with tailored risk and insurance advice. 

This is how we work with your business:

  1. We analyse your objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions.
  2. With your input, we undertake risk assessments and conduct market research to determine the most suitable insurance product(s) for your key risk exposure.
  3. Your insurance adviser will present appropriate strategies and solutions and also negotiate and place insurance covers agreed.

Frequently Asked Questions

What kind of Plant & Equipment Insurance do I need?

Plant & Equipment insurance is designed specifically for the types of items and businesses mentioned above. This is a package policy where you can choose the cover you need for your business, such as damage to your own items, public and product liability, road risk and agreed-on weekly benefits following downtime.

What items are usually covered under plant & equipment?
Plant & Equipment Insurance covers a wide variety of plant and mobile construction and industrial equipment, including:
  • bobcats
  • asphalting machines
  • forklifts
  • trucks
  • trailers and attachments
  • concreting equipment
  • excavators
  • mobile cranes
  • scissor lifts.
The items can be unregistered, conditionally registered or fully registered.
What is Equipment & Machinery insurance?

Equipment & Machinery insurance is also known as plant & equipment insurance.  

How is the insurance premium calculated for Plant & Equipment?
The key factors insurers consider when calculating the premium for each item include:
  • the type and value of the item
  • experience of the operator
  • prior uninsured loss or claim experience
  • where the item will be used.
The premium can also be higher if you choose to insure optional covers, such as goods on hook, reimbursement of rental costs for a temporary hire, road risk, and extended cover for wet or dry hire.