MOTOR & PLANT
If required, both own plant and hired-in-plant can be insured as part of the contract works subject to a separate sum insured being supplied for each section of cover.
Own plant can include cement mixers, excavators, generators, scaffolding, access towers, plant storage containers, etc. Plant can be expensive, so many construction companies hire in certain items of plant, and especially where this is only used occasionally for certain contracts. Typical items hired in by a contractor could include dumpers, excavators, mobile cranes, tower cranes, etc.
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FREQUENTLY ASKED QUESTIONS
What is "Market Value"?
Market Value is the fair Market value as determined by the Dealer taking into consideration the amount of hours the item has worked and the repairs or improvements done. In the event of a total loss the loss adjuster will use the same method to determine the value. Should there be a partial loss and parts have to be replaced with new parts (used parts could not be sourced) and there is a price difference, then a betterment contribution could be called for. If the item is under insured then average will apply.
What is "New Replacement Value"?
What is "Agreed Value"?
FROM THE CIVILSURE BLOG
THE LEGAL STUFF
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