Equipment & Machinery Insurance Policies

Machinery and equipment insurance policies provide protection for most types of plant and equipment in the earthmoving, construction, crane, agriculture and mining industries.

These include:

• Cranes / Tower Cranes
• Earthmoving Equipment – Backhoes, Excavators
• Forklifts / Scissor Lifts
• Lifting Equipment
• Concrete / Water Truck
• Drilling Machines – Rock Breakers / Borers
• Farming Equipment / Machinery
• Forestry Equipment – Wood Chippers / Mulchers

An Overview Of Common Policy Coverage

Material Damage

Sudden and unexpected physical damage or destruction of a machine.

Third Party Road Risk Liability

Legal Liability for Personal Injury and/or property damage of a registered vehicle. This can also extend to road vehicles with temporary road permits, if agreed with insurer.

Public & Products Liability

Legal Liability for Personal Injury or Property Damage caused by an occurrence in connection with the insured. (Note: Some insurers provide limited cover for Public (General) Liability only.

Care, Custody & Control (Hook) Liability

Legal Liability for property damage or destruction to third party property in your physical possession or legal control.

Consequential Loss

Loss of income cover as a result of damage to a Machine which subsequentially causes an interruption to the business and income (does not include substitute hire costs).

Hired In Plant

Liability to hirer arising from damage to a machine that has been hired in for the purpose of use in accordance with their business activities.

Breakdown

Cover the reasonable costs to repair the machine to its condition prior to the breakdown (excludes wear and tear, lack of maintenance claims).

Other Policy Feature

You also should consider the policy features and benefits, as these vary from insurer to insurer and some are not automatically covered and/or have a sub-limit.

These include:

• Accessories/ Tools
• Expediting Costs
• Recovery Costs
• Indemnity Hirer
• Multiple Crane Operation (Multi-lifting)
• Appreciation in value of Machinery
• Additions/Deletions of Machines
• Owners Protections
• Unintentional Non-Deliberate Overload
• Windscreen Replacement
• Dry Hire
• Substitute Hire Costs
• Damage Waiver (Hired Out Plant)
• Wet Hire / Dry Hire Extensions
• Finance Protection
• Underground Risk Limitations / Exclusions