Plan Insurance Blog

Contractors All Risks Insurance – Are you fully compliant?

Many firms within the UK’s Construction sector own the plant and machinery that they use on-site and any clauses and conditions in your Contractors All Risks or Plant Insurance policy must be complied with fully. Taking the time to read through any proposal of cover, before a policy is incepted, is essential.

Theft of plant and other equipment is steadily rising each year, it is estimated that it costs the Construction industry nearly £1bn per year. No small sum by any stretch of the imagination.

With construction and plant machinery being so vulnerable to theft, many insurance policies include a condition or “warranty”, (which essentially means that an insurer promises to do something in a particular scenario, i.e in the event of a theft where the “insured” i.e you/your business also promises to take specific precautions to protect those assets from theft) such as having certain security measures in place, before insurers will agree to pay out on a claim.

Plan Insurance can accommodate your Contractors All Risks Insurance needs. Just fill in our short call back form, and our professional brokers will be in contact to arrange your insurance.

It is worth pointing out that this is most commonly known as a “Plant Security Warranty” but similar conditions can appear using different terminology, so always follow best practice in terms of due diligence and where assistance is needed, our Construction Experts are always able to provide a ‘health-check’ of your existing insurance arrangements completely free of charge. Get in touch with us today if you would like any advice or support with your insurance, you can request a call back from our team.

What to look out for in your insurance terms

Some insurers will also specify that certain security measures are in place, as part of the Plant Security Warranty, which may require plant items to be stored in a secure compound as well as any other machine peripherals to be kept under lock and key in a separate building or container unit.

As an independent and impartial broker, we find that many businesses with this type of insurance do not fully understand, or even take into account at all, the details and requirements of Plant Security Warranties. This is often because their incumbent broker hasn’t understood their business or the assets that require cover, or the broker has simply been complacent and not taken the time to provide the information and understanding they should have. This is an all too familiar scenario that can have very costly consequences and be extremely damaging to a business.

As specialist insurance brokers with particular expertise within the construction industry we can advise on the most appropriate policy to protect your Plant and Equipment – as well as all the other insurances you will need to protect your assets, your bottom line and your reputation.

Our experts will take the time to fully understand your business and explain the various policy terms and conditions to ensure that you remain fully compliant and your claims are paid.

Follow us on LinkedIn for advice, information and support specifically aimed at the Construction sector and bookmark our blog section for regular updates from across our business.

Find out why 96% of our customers have rated us 4 stars or higher by reading our reviews on Feefo.

To get a quote give our specialist teams a call on 0800 542 2743 or request a Call Back.

Already a client? Why not recommend us to your contacts in exchange for a £50 discount off your renewal with our Refer a Friend scheme.