If you are running a business of heavy haulage trucks, earth movers and other plant establishment equipment, their safety from potential damage must be the primary concern. While utilising for infrastructural development purpose, your expensive equipment always remains at risk. General insurance companies can help with this concern by providing a reliable insurance policy. If any kind of mishap occurs during the project execution, immediate response of repair and replacement is necessary. Therefore it is advisable to invest wisely in a plant and equipment insurance policy. If it is your first time, we recommend reading the information below before contacting an insurance policy service provider.
Who needs to ensure their plant and equipment machinery?
This type of insurance policy is suitable for principal contractors and subcontractors. If any damage occurs during the normal work routine, the damage is covered by the insurance policy company. Apart from contractors, this policy is also useful for individuals who are the owners of earth moving or acceleration devices. Some financial institutions also invest in construction projects who need safety assurance. For better information, it is advisable to contact an insurance policy company. Their agents can guide whether an insurance policy is necessary for you or not. If it is necessary, make sure that all risk factors are being covered transparently.
Risk coverage we can expect from a plant and equipment insurance policy
- All heavy machinery including bulldozers, cranes, excavators pile driving devices and drilling machines etc should be covered within a single insurance policy. When you contact the insurance agent, provide all the details about your equipment. Make sure that they are covering every single asset without applying any special term or condition.
- Machinery risk coverage should be applicable in both running and ideal conditions. Damage may occur in any circumstance without giving any prior indication. In all situations, it must be the responsibility of the insurance company to cover the loss of damage.
- If any accidental loss occurs at the construction permeisis, it may cost a huge value. Car insurance policy you are buying should cover such kinds of substantial mishap losses. Usually, every policy has a limit of covering accidental loss. Clarify every single clause about claims within that limit in priority.
- There must be some room for add on coverage to the existing insurance policy. Choose the company offering extensive coverage against unexpected conditions like natural calamities, third party liability or terrorist attack. Such kinds of extensions are applicable only in a few locations where general policy terms are not covering the entire risk. If the existing coverage is not fulfilling the need, expansion options can help in minimising the risk to an extent.
The premium of plant and equipment insurance policy is affected by several factors like the type of equipment, it’s model number, purpose of use, location and specific kind of risk factors. Don’t hesitate while communicating with an insurance agent. Clarify every single point that seems to be shady. If you notice any kind of misleading information in their terms and conditions, switch to a better option immediately.