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Engineering insurance covers the cost of repair of those items of plant where there is an element of breakdown. A good example where Engineering insurance is advisable is where you are using a crane and its breakdown could result in loss of income due to delay of a project.
Engineering insurance is required by contractors who are bringing their own (or hired) equipment onto a site in order to work on a contracted project. Public Liability cover does not normally include the use of mechanically propelled vehicles.
How engineering equipment is defined will depend on a number of factors. For example a forklift truck may be classed as engineering equipment if it remains solely within a warehouse, but if it is used in a yard to which the public have access it must then be insured as a motor vehicle. Certain items of engineering equipment that can also be classed as a motor vehicle (for example a cherry picker) are ensured as a Tool of the Trade extension to a Motor policy.
We will help you determine the appropriate insurance requirements for your workplace.
Engineering insurance covers the cost of repair of the items included in the policy. In addition to this policy you should consider taking out Engineering Consequential Loss, which also covers loss of income you suffer as a result of your inability to continue working while the equipment remains out of use.
By having this cover in place you can be sure that you are protected from financial loss if any equipment you own or hire breaks down during a project.
1 Apr 2016
Members of the public can join the fight against insurance fraud by reporting what they know to the Cheatline. Powered by Crimestoppers, the Cheatline is a free service that enables members of the public to anonymously report information or suspicions about insurance fraud. – Cheatline is on 0800 422 0421, or online at www.insurancefraudbureau.org/cheatline. – […]
22 Mar 2016
Spring is finally here and at this time of year there is lots of activity in gardens and allotments across the country. – Additionally, we may be buying new gardening tools and equipment and it is also traditionally a time when burglars target garden sheds, garages and outbuildings looking for power tools, bicycles and other […]
16 Feb 2016
Why you need engineering inspections Compliance with the law To avoid costly HSE fees for intervention Defence against claim or prosecution against your business or its directors personally Avoid equipment downtime Gain efficiency, longevity of plant use and reduce your environmental impact Use this link to identify the types of plant that you […]