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.