Plant and equipment insurance Australia policies are offered by companies that have general insurance policies. The tradesmen and contractors’ requirements are fulfilled by the insurance plans. Equipment is owned or hired by the contractors for deploying it on the sites of construction. Insurance policies cover the losses or damages related to the machineries.
Businesses may encounter losses during the execution of various type of projects because of machinery breakdown. It is very important to complete the projects on time. For instance, if the contractor fails to comply and meet the deadline, the exploitation of the tolerance limits will impose heavy penalties on the companies by their clients. If the companies buy comprehensive policies for the coverage of plant and equipment, then the risk factors discussed can be easily avoided.
Who can purchase the insurance policies?
Businesses and contractors can buy the plant and equipment insurance policies. If the companies anticipate for the damage or breakdown of machinery or earthmoving equipments, then the companies can purchase the insurance policies.
Either the main contractors or the sub contractors purchase the policies of insurance of plant and equipment. The policies will also give coverage to the machines that will undergo the processes of repair as well as maintenance.
Individual entrepreneurs or owners of single or more than those excavation devices or earthmoving machineries.
Financial institutions that are investing in the construction projects.
People who are the actual and real users of plants and equipments.
Contractors cover the plant and equipments under these policies that they own or have hired for their projects.
Many types of large projects are completed successfully by the help of construction machines. Heavy machineries are very important as they are used in constructing manufacturing units, buildings, roads and bridges. Even the economy of countries will grow and GDP as well as GNP will rise, when countries will posses good quality and well developed infrastructures such as power supplies, bridges and roads.
What are the benefits of insurance of plant and equipments?
The policies of plant and equipment will be helpful in the protection of the revenues and assets of companies. It is very much possible that projects can be secured that will further increase the chances of enhancing profits.
The below mentioned risk factors are covered by the policies:
The construction equipments like drilling machines, compressors, excavators, bulldozers, forklift trucks, devices of pile driving, cranes, and rest of heavy machinery.
All of accidental losses occurred on the construction premises .
Even the mobile machineries are covered, irrespective of the fact they are in running condition or idle condition.
The overhauling, re-erection, and cleaning of the equipments are also covered in insurance.
Even the various types of perils like third party liability, terrorism and earthquakes can be covered in extensive insurance by buying of add on covers.