Heavy Excavator Hire Insurance
With excavator hire insurance you’re protected if the hired machine is damaged or stolen, which could seriously impact your work.
Typically, heavy excavating equipment includes a boom, arm, bucket, and cab on a rotating superstructure atop an undercarriage with tracks or wheels. These machines are mainly used for digging purposes, along with various lifting and carrying tasks, depending on the nature of the building project. Additional functionality can be provided by specialist tools, such as hydraulic breakers, grapples, couplers, cutters, and shears at the end of the boom and arm.
As a result, heavy excavators cost hundreds of thousands of pounds to buy or replace. Without equipment hire insurance protecting you if the worst happens, you could be left severely out of pocket.
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Plant hire insurance FAQs:
How Much is Excavator Hire Insurance?
No quote is ever the same in terms of pricing or cover. A premium is dependent on many factors, such as the following:
- Whether you are taking out a short term plant insurance policy, or an annual one
- What risks need to be covered by the policy.
- If you are hiring multiple excavators, and the value of them
- What you are using the excavators for e.g. construction or landscaping.
- Site security and risk management in place to prevent a claim
- Estimated annual hired in plant fees
- If you have made any previous hired in plant insurance claims.
In some cases, premiums can lower if you have anti-theft measures in place, or you are willing to take on a higher excess limit. However, it is important to choose a policy that is compliant with your hire terms as they may have specific conditions for hire.
Inform the Insurance4Plant team of your specific needs today and we can match you with a policy that keeps you financially secure and compliant with the hire contract.
Does equipment hire insurance cover a single machine only?
Under a short term plant hire insurance policy, you can hire a single machine such as an excavator that provides cover for the hire period. If you foresee yourself hiring other equipment frequently across the year, then it may be more suitable to take out an annual policy. This is a policy that lasts 12 months and covers most plant and machinery.
Read about our short-term and annual plant policies for more information. If you still need help, the Insurance4Plant team can help you decide which policy is better for your circumstances.
Can Business Public Liability Insurance Cover Plant Hire?
No. While hire equipment insurance is a form of protection from your contractual liability, Public Liability policies do not cover plant hired by you.
By default, business public liability policies do not cover repair or damage costs, fines/penalties, or theft of equipment. Their primary purpose is to protect against lawsuits or claims made against you by clients or members of the public due to your negligence.
Some providers may allow a hired in plant insurance section to be added to your contractor’s liability policy, such as a tradesman’s liability policy. However, the limits on these policies may not be sufficient to meet your needs and may there will likely be security conditions not contained on a standard contractor’s plant policy.
The Insurance4Plant team can find standalone plant and machinery insurance policies as well as policy add-ons that could be beneficial to you. Contact us to guide you through your options.
Who needs heavy excavator hire insurance?
Whether you are hiring and using a compact, medium or large general purpose excavator; a backhoe loader, crawler, wheeled, short swing radius or long-reach excavator; and whether you’re involved in landscaping or construction, it is likely that you will be made legally responsible for loss or damage of the equipment and you will therefore need to insure the hired in equipment.
A short term plant insurance policy, as well as an annual policy, can be purchased for equipment of this nature. Our short term policy provides cover up to a maximum value of £100,000, with higher limits available on an annual policy. Cover is provided on an ‘All Risks’ basis with full reinstatement for equipment under 24 months old and covers the equipment whilst located anywhere in the UK, whether on your own premises, in transit or on site.
The claims process?
Settling a claim is a quick and straightforward process if you come prepared. As soon as the incident happens you should notify us as well as the hire firm.
You will need to provide policy details of your short term or annual hired in plant insurance cover, including the policy number and details of the hire. Then provide us with a claim form and as much detail and evidence about the incident as possible.
If theft is involved, you will need to submit a police report and crime reference number as essential evidence. You may also need to provide evidence of the continuing hire charges charged by the hire company following the loss of the equipment.