Machinery insurance covers you against accidental loss or damage to specified machinery including contingencies related to mechanical and electrical breakdown.
Cover provides protection both against explosion and collapse, a risk that is normally excluded from the material damage policy.
The basic concept of Contractors Plant insurance is to offer a comprehensive protection against loss or damage of construction, plant/equipment/machinery including whilst being operated on site.
This type of insurance normally takes the form of either a 'Contractors All Risks Policy' or an 'Erection All Risks Policy' depending on the nature of the project works. Both cases provide umbrella insurance designed to cover all parties involved in the project works against material damage losses as well as third party liability exposures.