contractors plants

Contractors Plant

We can provide the following cover

Whilst cover for Contractors Plant and Machinery can be written as part of Contractors All Risks policy, when the equipment is used on multiple sites, where a specific standalone policy is required contractually or there is no Contract Works cover required We can provide cover on a standalone basis under our Contractors Plant and Machinery cover. 

Material Damage

Our policy which is based on the Munich Re form provides coverage for owned Machinery and Plant including Spares if declared on a commercial All Risks basis. The Munich Re form is regarded as the industry standard wording which has stood the test of both time and courts across the globe. The base cover can be extended considerably by endorsement depending on the contract requirements.

Main extensions
  • Water well drilling rigs and equipment
  • Oil gas and/ or geothermal drilling rigs and equipment
  • Inland transit
  • Underground machinery and equipment
  • Air freight
  • Overtime at night work and express freight
  • Strike riot civil commotion

    Note that all the extensions are subject to underwriting information and there is no guarantee that we can provide the coverage requested.

Limits Available

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We are very flexible when it comes to the limits available for Contractors plant and Machinery.

We have provided cover for Projects where the maximum exposure has been USD75m + with single plant item values being in excess of USD2.5m

The limitation on the total amount of cover we can provide is driven by the availability of Reinsurance and as yet we have experienced no restriction in capacity for this class.

use of captives

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Almaseer are used to captives participating in Energy Programmes and will discuss a clients / potential clients captive utilisation in their programme based on the clients own unique needs.

information required

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We would require the following information to provide a quotation:

  • As well as the usual company Name and address we will require Directors and shareholders details (required for domestic and international Sanctions and Money Laundering checks)
Where the cover relates to a specific contract or contracts;
  • A copy of the full contract/work specification wherever possible, if not available at this time then as much detail as can be provided about the contract including:
    • A list of contractors plant for which cover is required, the list needs to include:
      • Description of type of plant/equipment
      • Manufacturer of plant/equipment
      • Year of Manufacture
      • Replacement cost as New
      • Where located if cover is not restricted to site only
      • VIN number / Registration number (does not have to be provided for quotation but will be a requirement to bind the cover
    • An overview of the project including timescale
    • Insurance coverage requested and limits required
    • Details of Principal and any other party who are to be named on the policy as a joint insured if you are not the Principal
    • Any claims over the past five-year period for the cover that is being requested

For cover for Projects where equipment levels will vary considerably during the policy period and cover is being sought on a monthly declaration for the period, we would require a deployment chart showing the plant type and number on site per month (we can supply a template for this if required)

We may have to request more information to be supplied before we are able to indicate pricing or the extent of cover, we can provide under certain circumstances but we will let you know as soon as possible if this is an issue.