Construction plant and equipment claims cost insurance companies millions of pounds every year
Each year, insurance companies pay out millions in claims following significant damage and theft of construction plant and equipment; either owned, leased or hired in.
Damage can also occur as a result of accidents due to fire, flood and overturning events, or deliberately through vandalism or arson. These incidents can also result in persona injury, property damage and business interruption as well as potential delays and increased costs (including insurance excesses).
Many loss events are preventable and occurrences can be reduced through appropriate risk management procedures and activities. Construction plant and Equipment (CPE) is not only operated on civil engineering and construction sites but also in a diverse variety of environments and industries, including waste processing, metals recycling, docks, farming and quarries, etc.
Consequently, it is important to properly risk assess the work activities and to ensure the selected plant is suitable for its operating environment.
This guide also aims to identify common loss prevention measures that can be applied to CPE working in various situations. With such a diverse range of CPE available, the specific operating and maintenance instructions for any particular piece of CPE should be referred to.
However, many of the loss prevention principles are common to all types of CPE and working locations. Further industry best practice guidance, organisations and relevant legislation is included at the end of this document.
HSB’s specialist underwriting in the UK and Ireland covers a broad range of risks including construction, cyber, computer, equipment breakdown and energy efficiency.
Built on a foundation of specialist insurance, engineering and technology, HSB is a global provider with over 150 years of technical risk knowledge and experience that sets the standard for excellence worldwide. Part of Munich Re, HSB is rated A++ (Superior) by A.M. Best Company.
Further information can be found at: www.hsbeil.com
*The guidance in this document refers to industry best practice loss control advice. Adoption of the advice contained within this document does not imply compliance with industry, statutory or HSB guidelines, nor does it guarantee that losses will not occur.
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