FREQUENTLY ASKED QUESTIONS Our most asked questions
What should I do if my circumstances change during the period of insurance?
It is imperative that your policy covers all machinery that you own or hire in, and any and all sites that you work on, because otherwise, you could be liable for claims that involve that which was undisclosed. Should you have any change in your circumstances which you feel may affect your policy, please let us know in the first instance, so that we can check this with your insurers. A mistake could be the difference between receiving compensation and paying out a large sum, so it’s always best to stay on top of these things.
How do I make a plant/machinery insurance claim?
When life tries to make things difficult, we make the solution easy. To make a claim, firstly report the incident to your insurer, and call them directly using the helpline and claims number provided in your policy document. Have your policy document on hand, and check whether you’re covered for this kind of incident too. Your insurer will then process your claim as quickly as possible, and you’ll receive your compensation as soon as possible.
If your claim is unsuccessful, then our team are on hand to help. We will contact your insurer on your behalf, and discover why they have refused your claim. Then comparing it against your policy, and information that you have provided your insurer with, we will try our best to overturn the original refusal. We can’t promise the decision will be reversed, but we will have your back whatever happens.
How do I get a policy?
To get a plant & machinery policy, please fill in our quote form, and one of our helpful insurance account managers will be in contact to discuss your company’s aims and needs and design a policy that will help to meet them. When you’ve chosen your policy, we’ll process all of the information you have provided us with and your cover can, at your request, start straight away. We’ll send you your policy documents by email and, should you want it, we can send you a copy in the post too.
Why do I need plant & machinery insurance?
From theft, accidental damage and malicious damage to a whole host of moving parts-related injury, there are a lot of hazards facing your industry, and a lot of risks that need to be addressed. Especially when it comes to your team’s safety, the lasting damage that sharp edges, trapped body parts and shearing can do can be detrimental to an individual’s physical and mental state. Therefore, ensuring everyone’s safety, and the safety of your business should always be a top priority. With plant & machinery insurance, you have peace of mind knowing that should compensation be sought, you will be able to avoid big payouts and lengthy legal battles, and protect your business from the unexpected.
What are the differences between ‘contractors’ plant – owned’ and ‘contractors’ plant – hired in’?
Hired in refers to when a contractor is renting tools, equipment and machinery instead of buying it outright, because it may be more cost-effective dependent on regularity of work. Plant simply refers to machinery found on building sites that do not have moving parts, such as cranes, diggers, concrete mixers and generators. Regardless of whether you own or rent your equipment, we always recommend insuring the equipment against liabilities, such as malicious damage, theft, flood, fire and public liability. This is because taking out the hirer’s insurance can be restrictive, excluding much-needed damage cover, and may end up being more costly in the long run.
What could be included in your plant & machinery insurance?
Dependent on your business’s needs, in a single policy, you could have: compensation for any damage done to owned plant, and/or hired plant. Extra cover can also be provided for: the cost of debris removal; costs associated with machinery repair and replacement; costs recovering contractors’ plant that has become immobilised; compensation for losses from vehicles, up to a sum of £5000.
What machinery do you cover under your plant & machinery insurance?
A plant & machinery policy with The Insurance Octopus can cover various forms of machinery, including, but not limited to: concrete mixers, cranes, dozers, dumpers, excavators, forklifts, pumps, motors, fans, generators and alternators, as well as diggers, mini diggers, cherry pickers and circular saws.
If your machinery is of another kind, or if you’re unsure whether we’ll cover your specialist tools, please get in touch with us on 0161 968 2060 today and we’ll answer any of your questions and concerns. We work with a wide range of insurers, so are certain we can find a policy that will meet your needs.
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