Many companies across a range of manufacturing sectors have plant and/or machinery that is essential to the running of their business. When these machines suffer a breakdown or another form of loss or damage, it can result in unexpected and costly repair bills.
Different insurers will of course have varying wording, however in general terms, Machinery and Plant insurance policies are designed to cover the cost of repair or replacement for the following areas and situations:
Sudden and unforeseen damage; depending on the wording the following sections may also be included:
Cover for damage to the policyholder’s surrounding property caused by explosion relevant to pressure plant.
Identifying types of plant can often be difficult, so we would like to refer you to an appropriate Plant Guide put together by Allianz Insurance Company.
The purpose of these documents is to assist in the identification of plant and equipment, along with the applicable legislation: