The benefits for Builders Machinery & Plant Insurance
If machine is deemed a total loss within 2 years of being new, the insurance covers replacement with new item to a similar model subject to Sum Insured being adequate:
- Where machine is to be repaired, you will be paid up to $10,000 to expedite repairs in relation to overtime and public holidays subject to the Sum Insured not being exhausted
- Where new machines are purchased, the Insurance will cover for up to 60 days to a value of $50,000 pending notification and payment of premium
- Where the Insured Hires in machinery, cover can be provided if machinery is declared
- Optional extensions - (Cover provided where requested by the Insured)
Increased Cost of Working - Insurer will pay for increase cost of working necessarily and reasonably incurred for the purpose of avoiding or diminishing reduction in turnover as a result of loss or damage to Insured Machine.
Dry Hire - Covers Insured where they hire their machine to a third party without an operator. Conditional on adequate instructions being provided and adequate qualifications of third party.
Lease Payments - Insurer will pay the monthly lease cost of a Insured machine following loss or damage for a period up to 12 months.
Loss of Revenue - Insurer will pay loss of revenue attributed to the loss of the Insured item for a maximum period of 3 months.
Recovery Costs - The Insurer will pay up to $50,000 to recover a Insured machine which is unintentionally immobilized on or about the contract site which results in damage to the machine.
Always read your policy document thoroughly so you understand how these conditions respond.