A Guide to Choosing Owned or Hired Plant and Equipment Insurance

For the construction business, the plant and equipment are the heart of the operations. And it's undeniable that we cannot expose the core to any risk. This is the reason why plant and equipment insurance is so critical for any construction business.

As construction sites are always at risk because they operate in the open, there's a need to give them a cover. Statistics suggest that Equipment around 70 billion pounds are stolen from construction sites every year. Adding on to that, there's a considerable risk of mishaps and accidents. Every business can minimize the risk by taking the appropriate action. That's what we are going to discuss here.

The Appropriate Course of Action

Differentiate between Owned and hired-in plant and Equipment insurance

The adequate Insurance of plant and Equipment evaluate the difference between owned and hired plant and machinery. While many contractors have their own Equipment for the operations, most of them prefer hiring it. In both cases, you need insurance, but the type differs.

In the former case, the premium to be paid is relatively higher, but your control over the insurance policy is better. However, in the latter case, you have to pay a lower premium, but you do not have that kind of control over the insurance policy.

Remember that when you have the hired in plant and equipment insurance, you don't have a cover for public liability. For that, you need a separate insurance policy.

Choosing the insurance policy

Once you can differentiate between these types of insurance, it's easier to find a policy. It's about factoring in all your requirements while sticking to the legal environment that resides around. When you study the consequences of a particular plant and equipment insurance policy, you are in the right position to choose one.

Who all can buy the plant and equipment insurance?

The plant and equipment insurance can be bought by contractors or the owner itself. Whoever buys it, has to consider the type to get the right kind of coverage. The contractor has to buy the insurance if the owner hasn't and vice versa. However, the dependency of the two should be mutual and very transparent to each other.

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