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WHAT YOU NEED TO KNOW ABOUT PLANT ALL RISK

PLANT ALL RISK

The policy defines it as Plant All Risk insurance covers the insured on an “All Risks” basis for the loss of or damage to the insured Plant and / or Equipment whilst it is in use on site, in transit or being stored. Cover can be extended to include Hired-in Plant, Continuing Hire Charges and Public Liability when used as a tool of trade.

WHAT IS COVERED


All Risks; whilst the plant is stored at the client's own premises, transit between the premises and the place of use, whilst being used as a tool of trade or on exhibition/ demonstration and transit back to the client's premises. The cover can be extended to include plant hired in, plant hired out, for continuing hire charges which may arise as a result of loss or damage and third party liability.

 Items that would require cover
Portable welding sets, mobile compressors, graders, bulldozers, trench diggers, dump trucks, front-end loaders, drilling rigs, mechanical shovels, mobile cranes, crawler cranes, draglines, crushers, wood chippers, drilling equipment, diggers, loaders, escavators, roller, etc 

HOW TO INSURE


The sum insured can be the New Installed Replacement Value (NIRV) or the Market Value with differing rating structures. If the cost of repairs exceeds the Market Value of the plant then the Company will only pay up to the Market Value at the time of the loss or damage plus any dismantling or disposal costs.

TAKE SPECIAL NOTE... CAUTION WITH UNDER INSURANCE AND RAND / DOLLAR FLUCTUATIONS

RATING CONSIDERATION


 Type of plant and equipment
  Application of the plant
    Hired or owned plant
       The working environment of the plant
      The magnitude of the excess.

EXCESS STRUCTURE
Excess variations are considerable i.e. from R5 000 up. Generally a % of the claim or sum insured with both a min and max excess per claim.
Extensions to the Policy: The policy can be extended to cover the plant whilst underground and for Machinery breakdown. In addition standard cover is available for hiring costs, legal liability arising out of the hire and continuing hire charges

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