Contractor Plant & Equipment

The coverage provided by Contractor’s Plant and Equipment Insurance typically includes protection for a wide range of equipment, including but not limited to cranes, bulldozers, excavators, and power tools. In addition to physical damage, this insurance may also cover loss of income due to equipment breakdown, temporary loss of equipment, and legal liabilities arising from using the insured equipment.

Coverage for Contractor Plant Equipment Insurance

• The insurance typically covers physical damage, theft, and breakdown of contractor plant and equipment such as machinery, tools, and construction vehicles.
• Coverage may also extend to include equipment installed at the construction site, temporary buildings, and scaffolding.
• Additional coverage options may include transit insurance to protect the equipment during transportation to and from the site, as well as third-party liability coverage for damages caused to third parties.

Difference Between an Annual Policy and a Specific Project Policy

• An Annual Policy provides contractor plant and equipment coverage on an ongoing basis, typically for a specified period, regardless of the number of projects being worked on.
• A Specific Project Policy, on the other hand, provides coverage for equipment used specifically for a single project and is tailored to the duration of that project.

Some of the underwriting information that can affect the premium include:

Type of equipment: The value and type of equipment being insured will significantly impact the premium. High-value equipment or specialized machinery may lead to a higher premium due to the increased risk of loss or damage.

Age and condition of equipment: Older equipment or equipment that is in poor condition may be more prone to breakdowns or malfunctions, leading to a higher premium.

Location and nature of work: The location of construction projects and the nature of work being undertaken can also impact the premium. Projects in high-risk areas or involving hazardous activities may result in higher premiums

Claims history: A contractor's past claims history and loss experience can influence the premium. Contractors with a history of frequent claims or significant losses may face higher premiums, as they are perceived as higher-risk clients.

AMG can assist you in assessing your equipment inventory, evaluating your risk exposures, and customizing insurance packages that address your unique requirements and budget constraints. By partnering with AMG, you can access a wide network of insurance providers, gain insights into industry trends and regulations, and receive proactive claims management support to streamline the insurance process and maximize your coverage benefits.