Insurance for plant hire

Who needs hired in plant insurance UK?

Whether you are a tradesman, contractor, DIY customer, or another professional in the construction industry. There may be times when you need to hire in machinery, such as a mini digger, for a specific contract.

Under the terms of the hire agreement, it is normal for the hire company to make the hirer responsible for loss or damage to the equipment during the hire period and until the hired equipment is collected by the hire company. Should the machine be stolen or damaged, you would have to cover the cost of replacement or repair.

This will be the case regardless of whether it was your fault. Furthermore, you will have to pay continuing hire charges until the equipment has been repaired or payment made for a replacement.

This can be extremely expensive and severely impact your financial welfare. However, with a hired in plant insurance policy, you will have the protection that you require. Our Insurance4plant short term hire policy can cover up to a £100,000 limit of indemnity in repair or replacement costs. It can also cover the continuing hire charges costs up to £5,000 for any one claim until the machine has been repaired or payment for a replacement has been made.

Most hire companies will make it a contractual requirement to have protective coverage, such as digger hire insurance, put in place prior to the equipment being delivered and for the duration of the hire period. At a minimum, this policy must cover the costs of accidental damage, fire, and theft up to a maximum set value.

In addition to the Insurance4plant short term plant hire insurance policy, we also arrange a wide variety of policy covers to suit the hire company’s needs. This includes Annual Plant All Risks Policies, Commercial Combined including liability covers, Vehicle and Fleet Insurance and many more. We work with a wide panel of insurers which allows us to provide you with the bespoke cover you need at competitive prices.

How much does plant insurance cost?

Insurance for plant hire premiums vary in cost depending on many factors. The types of hired machinery, values, and the risk of theft are examples of matters considered.

Typical policies measure factors such as:

• What eventualities need to be covered.
• How secure the property or building site is.
• What the machine is being used for e.g. excavation or landscaping.
• If you have claimed on a similar policy in the past.
• If it is a short term or annual hired in plant insurance.

Lower premiums are often paired with higher excess limits and lower maximum claim limits. This means it is important for you to choose a policy that is appropriate for your circumstances. Our experienced team at Insurance4Plant can help in this regard if you are ever unsure.

Some firms will offer a damage waiver or subrogation waiver for their equipment, but these may not be more costly, particularly if you are hiring in plant frequently. Similarly, many insurers and brokers will only provide annual hired in plant insurance which may add up to being more expensive than taking out a one off short term policy if you hire infrequently.

The claiming 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, 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.