Are there different types of cover in plant and equipment insurance? Plant and equipment insurance has different parts of the cover depending on the type of your business. Generally, your plant and equipment policy will be covered,
- Breakdown cover
- Broadform Liability (public liability cover)
- Consequential loss
- Downhole cover
- Dry hired plant and equipment
- Rented - In the plant
- Material loss
- Road risk liability
- Wet rented plant and equipment
In addition, your insurance specialist may recommend riders specific to your industry. It is wise to consider these suggestions. After all, people in the insurance industry have seen more unexpected events than most people can imagine.
What types of riders are available?
There are many riders available for business. Here is a list of riders that are commonly available. Details will vary based on your specific information and your industry. Talk to an insurance expert to find out which riders are best for your company.
- Consensus value
- to harm
- Danger of driving on public roads
- Lease payment protection
- Responsibility coverage for all business activities
- Liability during use
- Loss of income
- Machinery failure.
- Wet fence or dry fence
- A red tractor is being towed.
Make sure you have the right riders to insure your plant and equipment. You can try and cut corners. While it's tempting to try to save a little money, remember that you get what you pay for most of the time. In addition, many one-size-fits-all policies can leave a gap in coverage.
Consider this example.
Jay owns and operates a small wine company. He was anxious to start production. Therefore, it spent very little time looking at the details of its plant and equipment insurance policy and opted for a cookie-cutter policy that did not focus on the components of the manufacturing process.
After a few years, Jay has the problem of breaking down the necessary equipment, making production impossible. When he contacts his insurance company, Jay realizes that there is no one to blame for the breakdown.
Because Jay has chosen fast and cheap insurance, he should come up with funds to fix his machinery. Spending a little time with a plant and equipment specialist could save JK thousands of dollars.
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If you run a construction, mining, agricultural, or other business that has invested heavily in their equipment, plant, and equipment, insurance coverage is essential for your company.
If you have any questions or are interested in meeting with an insurance specialist, please contact Grace Insurance. Our staff is ready to help you.