Plant And Equipment
This form of insurance provides an indemnity for all plant and or equipment (including spare parts and tools) of every kind and description owned or used by the insured or for which the insured may be responsible from time to time.
This policy needs to be carefully considered, as many contractors’ plant and equipment policies vary in respect to the sum insured. In some cases insurers will impose a true market value definition as for sum insured; alternatively other insurers provide a replacement value for a limited period of time (12 months).
