If you are a plant hire company or someone who hires in plant, then below are our main areas of focus when insuring your plant.
Own Plant – Blanket Cover vs Specified items
Most insurers will either cover your plant on a blanket cover or specified cover basis.
Blanket Cover – This is cover using a total sum insured and a limit for any one maximum item. This is best for people who have a lot of movement in their inventory and takes the stress out of ensuring everything is covered. As long as your total plant hire sum’s insured and maximum item limit is sufficient then you can carry on with your business with no stress.
Specified Items – This is where you specify each item of plant you own and is best for more static inventory lists where you add/delete one or two items a year. This can be more cost effective as your insurers have clear site on what items are insured and their exposure. The key here is to ensure correct replacement values for your plant equipment.
Hired In Plant – what you need to know
Hiring Charges – Insurers will want to know the hiring charges on an annual basis to help ascertain the premium. Keep a record of these so you can look at your annual average.
Maximum Sum Insured – Look out for the value of your total items of plant and your maximum for any one item so you are not under insured when hiring in an item.
Liability – If you are hiring in something for a new type of job make sure your liability insurers are notified of the work to ensure you are covered for this operation.