Construction Plant & Machinery Insurance - What You Should Know

No doubt the construction business is one of the backbones of growth in today’s economy. People in this business are accountable for getting the building erected others work in. 
 
Even they’re responsible for the roads as well as bridges we travel on. The construction work needs sturdy and heavy machinery to accomplish the required job. If your equipment breaksdown, you need construction plant and machinery insurance.

 
In every construction project, massive machinery and earth moving equipment play a very important role. Many activities need to be carried out, including:
 

• Hauling and moving materials,
• Excavating earth and debris, and
• Power generation around the clock.

 
The activities above are carried out by machinery, plants and equipment like pile driving services, bulldozers, compressors, drilling machines etc. Besides playing a vital role for one’s business, these plant and machinery are highly susceptible to malfunction and accidental damage. 
 
Keeping this in mind, it calls for a construction plant and machinery insurance. This insurance policy reduces risks associated with such unwanted scenarios.
 
Main features of construction plant and machinery insurance
 

• This policy is designed for covering unforeseen loss or sudden physical damage to several various plants and machinery tha are used on different sites.
• There’s an option to cover only selected machinery under this policy.

 
Examples of plant and machinery which can be insured under this policy:
 

• Road rollers
• Bulldozers
• Vibrators
• Cranes
• Chain blocks, pulley blocks
• Excavators and loaders
• Hauling equipment

 
What does construction plant and machinery insurance cover?
 
The insurance policy provides extensive cover against physical loss or damage to plant and machinery. The cover is active while the insured property is at work or at rest, or it’s being disassembled for cleaning or overhauling.
 
Who can take the insurance?
 
Anyone of the parties below can take the construction plant and machinery insurance. They can either choose to go individually or jointly:
 

• Owner of the plant and machines
• Contractor or the user of the construction machinery
• Banks and other financial institutions that have invested in the project

 
What the policy does not cover?
 
The construction plant and machinery insurance doesn’t cover loss or damage because of:
 

• Electrical or mechanical breakdown
• Any consequential loss
• Equipment undergoing testing
• Faulty lubrication or lack of oil or coolant
• Vehicles designed and licensed for general road
• Pre-existing defects
• Any sort of damage for which the supplier or manufacturer is held accountable
• Plant/machinery working underground

 
Damage or loss of costly machinery could be a disaster for a small construction business. Why? Because these machines depict a huge represent. When you opt for this insurance policy, it not only covers the cost, but also keeps you protected against the loss of machinery.