Owned plant or hired-in plant?
Plant and machinery insurance may cover insured theft or damage to equipment your business owns or hires. Tell your broker which equipment is owned and which is hired, its value and where it is used, stored and transported.
Check the hire agreement
A hire contract can make you responsible for damage, replacement costs or continuing hire charges while machinery is unavailable. Check whether the insurance meets those obligations, and whether continuing hire charges have a separate limit or time restriction.
Security, transport and exclusions
Check theft precautions, overnight storage requirements, transport cover and any restrictions on unattended machinery. Mechanical breakdown, wear and tear and loss of income are not automatically covered by a damage policy. Compare the excess and settlement basis alongside the equipment value.
Related guides: Understanding equipment cover · Describing your business activities
General information, not a personal recommendation. All cover is subject to eligibility, terms, conditions and exclusions. Read your quote and policy documents before buying.