“Specialists to our Core” – historically, this exposure has been
insured in one of two ways:

  • Under an “Inland Marine” Policy, which whilst giving cover for “All Risks” is not specifically tailored to this class of business – for example underground coverage for mining equipment, which could leave an Insured without crucial elements of coverage, or
  • Under the main Property All Risks/Industrial Special Risks Policy the Insured may have in place. The potential issue is that again, there may be gaps in coverage between this approach and a specific plant policy. It’s also more likely the deductibles applicable to the All Risk/ISR policy may be at such a level that effectively much of the Insured’s plant is uninsured as individual items would fall within their self-insured retention.

BMS Group has developed an exclusive facility supported 100% by Lloyd’s Syndicates specifically targeted at Contractor’s Plant to give broad and specific coverage for mobile plant and equipment

Occupancies

Mining (surface and underground) including remote vehicles, raise boring machines; earthmoving contractors; crane hire/operator; forestry/logging equipment; civil contractors.

Limits

  • Up to £30m any one loss occurrence

Deductibles

  • Varies, but potentially 10% of loss, minimum £10,000 any one occurrence

Cover

  • All risks physical loss/ damage

Cover Extensions

  • All Risks including natural perils

Cover Extensions

  • Schedule of plant and values
  • Details of main operating locations where possible
  • Site security details (fenced/lit/ guarded etc.)
  • Loss experience (3 years)

Territorial Limits

  • Basis of settlement – New Replacement Value if item is less than 18 months old, otherwise cost to repair/replace at market value
  • Property hired out to third parties
  • Contractual indemnity to third parties
  • Recovery Costs (whether damage has occurred or not)
  • Abandonment (where a statutory body states recovery is not possible/poses a risk to human life)
  • Difference in Conditions/Limits on hired out plant insured by the hirer
  • Damage to hired in plant