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Owning or leasing construction machinery comes with a number of risks, and these risks can often cause large monetary losses if the correct insurance is not in place. 


Plant insurance will cover you for accidental damage, fire and theft, giving you the peace of mind that your expensive kit is covered if the worst were to happen. 


Somewhat confusingly, these policies can also be called Engineering Insurance or Contractors All Risks insurance. Your broker will advise where and how your plant should be insured. Plant equipment that is driven on the road should also be covered for road risks. There is potential for gaps in cover to exist if you don’t consider these factors when insuring this equipment.

The difference between owned & hired-in plant and machinery


Owned plant insurance will protect machinery and tools that your company owns including if you hire the equipment out. Hired-in plant can also be covered and you can include hiring charges in the cover too. This is when you will need hired-in plant insurance


Do you need insurance for hired plant and machinery as well as owned?


Yes, anytime you hire-in pieces of plant and machinery, it is vital that you get the correct insurance to cover this, as well as your own pieces of equipment. The conditions of hire will usually make you responsible for the equipment whilst it is in your possession.


Hired-in plant insurance can protect you against accidental damage, fire and theft. Your insurance will cover the hired-in equipment at the actual work site, as well as during any transportation to sites and all across the UK.

Insurance checklist for hiring and owning plant fleets

Finding the right insurer for hired-in and owned plant fleets can be tricky – we’ve created this handy checklist you can refer to, so that you know what you need to have included in a comprehensive policy.

Check your hiring conditions 

Conditions of hire such as Contractors’ Plant Hire Association (CPA) and Hire Association Europe (HAE) will determine your responsibilities for the equipment being hired.


Consider how the equipment will be used 

Will the equipment be driven on a road, for example?


Ensure you have sufficient coverage

You should always make sure the insurance provider you choose has adequate coverage to cover the bill in the worst case scenario and to meet the conditions of hire. 


If you’re not sure on the level of coverage you need, you should speak to your plant hire provider for more information. 


Make sure the dates are correct 

Double check that the start and end dates of your policy are correct. This will help to ensure that you will be able to collect the equipment when you need it and you won’t be cut short mid-project if your policy has come to an end. 


Understand what your policy covers 

Ensure that when you take a policy out, you are aware of any restrictions or limitations of the policy. You will have to go through the terms and conditions of the insurance documents, even though they may be lengthy. 


How much does owned and hired-in plant insurance cost?


It is difficult to say how much owned and hired-in plant insurance costs, since it can vary on a variety of factors, including:


  • The value of the equipment 
  • What the equipment is being used for 
  • Whether you use the equipment yourself or hiring it out 
  • If you have any previous claims 
  • The location of your work site


To find out more on how much you can expect to pay for owned and hired-in equipment, you can complete our obligation free quote form, or get in touch with one of our team members. We will take the time to understand your needs and find the best price for you. 

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