Plant and equipment insurance
Plant and equipment insurance quotes from licensed Australian brokers
Excavators, loaders, telehandlers and the gear you hire in. Cover on site, in transit and against the breakdown that stops the job.
- Licensed Australian brokers
- Free to use
- No obligation
Mobile plant falls between the usual policies. It is not really a motor vehicle, most of it is not registered, and a property policy written for a workshop does not follow it to site. Plant and equipment cover is written for machinery that moves: excavators, loaders, skid steers, telehandlers, compactors, generators and the attachments that go with them. It also deals with hired in plant, which is where contractors most often find they have signed up to more than they realised. CoverMy is free to use.
What plant and equipment cover includes
The base is accidental damage, fire and theft wherever the machine is: on site, in the yard, or in transit between jobs. Beyond that, the sections you add depend on whether downtime or breakdown would actually hurt the business.
- Accidental damage, fire, theft and vandalism on site and in the yard
- Cover while machinery is in transit between sites
- Hired in plant, including your continuing hire charges obligation
- Machinery breakdown, covering internal failure rather than external damage
- Loss of income or hire while the machine is out of service, on some policies
- Attachments and ancillary equipment, which usually need listing
Hired in plant is where the exposure hides
Hire agreements routinely make the hirer responsible for the machine while it is in their possession, and often for continuing hire charges while a damaged machine is repaired or replaced. That second obligation catches people out, because it can run for weeks after the machine stopped being useful to you. Read what you sign, and make sure the policy limit for hired in plant is high enough for the largest machine you would ever put on a job, not the average one.
Breakdown is not the same as damage
Accidental damage responds to an external cause: a rollover, a fire, something falling on the machine. Machinery breakdown responds to internal failure, such as a hydraulic pump or an engine letting go. Standard plant policies commonly exclude breakdown, so it needs to be added if you want it. Whether it is worth it depends on the age of the fleet and how exposed you are to a machine being down mid contract.
Theft, security and what underwriters ask
Plant theft is an organised problem in Australia, and unsecured sites are the usual target. Underwriters will ask how machines are secured overnight, whether keys are removed, whether GPS trackers are fitted and whether the yard is fenced and monitored. Trackers in particular can improve both the premium and the chances of recovery. Expect questions about the age and value of each machine, where you work, whether you operate underground or near water, and your claims record.
How it works
- 1
Tell us about the plant you own and hire
2 min form
- 2
Licensed brokers review and compete on your quote
- 3
Compare offers and choose
No obligation
Frequently asked questions
Is my excavator covered by my commercial motor policy?
Usually not. Motor policies are written for registered road vehicles, and most mobile plant is neither registered nor used on public roads. Some machines that do travel on roads need both. A plant and equipment policy is the right home for the machine itself, and your broker can confirm where the boundary sits.
Do I need to insure hired in plant?
Almost always. Hire agreements typically make you responsible for the machine while it is in your possession, and frequently for continuing hire charges while it is repaired or replaced. Set the hired in plant limit against the largest machine you would ever hire, not the usual one.
What is machinery breakdown?
Cover for internal failure of the machine, such as an engine or hydraulic component letting go, as distinct from external damage. It is commonly excluded from standard plant policies and added as a section. Older fleets and businesses that cannot afford downtime tend to take it.
What does plant and equipment insurance cost?
It depends on the value and age of the machines, the work you do, where you operate and your claims record. Civil contractors working in remote areas and businesses with unsecured yards pay more. Trackers and secure storage help. A broker can put the schedule to several insurers.
Is the operator covered?
Not by this policy. Injury to your employees is workers compensation, which is a statutory requirement arranged through your state scheme. Injury or damage to third parties is public liability. Plant and equipment cover deals with the machine itself. Most contractors carry all three.
Does CoverMy sell the insurance?
No. CoverMy passes your request to licensed Australian brokers who contact you directly. All advice, quotes and policies come from the broker you deal with. There is no cost and no obligation.
Get plant and equipment quotes
Tell us about the plant and licensed brokers will be in touch. Or call 1800 677 761.
Other cover you might need
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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Important: CoverMy is not a comparison site and does not provide insurance. We connect you with licensed insurance brokers who provide advice and quotes based on your needs. All advice comes from your broker, using information you provide with your consent.
This page is general information only. It does not take your situation into account and it is not a recommendation to buy any policy. Cover, limits and exclusions vary between insurers, so read the Product Disclosure Statement and Target Market Determination and refer to your broker for the full details of any policy.
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