Protection today for peace tomorrow

The true value of insurance lies far beyond the policy paperwork: it lives in day-to-day business confidence and in the assurance that if things go wrong, they won't stay down for long.

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The earthmoving sector's scale and speed mean a single incident, whether an accident, an equipment failure or a theft, can halt operations and put investments at risk.

That's why businesses in the industry can't afford to underestimate the folly of inadequate insurance coverage or to push the subject to the back burner.

As Jane Cook, Executive General Manager Plant and Machinery at UAA, said: "Don't wait until a claim to find out what's in your policy. A good conversation now can save you a lot of downtime later."

"Insurance is more than a box to tick. The right cover gives you the confidence to take on new projects, invest in better gear and grow safely, because you know that if something goes wrong, you've got the backing to get back to work quickly."

She said the difference between good and great cover is proactivity.

"Staying connected with your broker, reviewing policy schedules and understanding responsibilities under contracts all play a pivotal role," she said.

"A common mistake we see is when operators don't keep their insured values up to date with current market conditions.

"Because plant and machinery policies are generally settled on market value at the time of loss, if your listed value is well below what similar equipment is selling for today, you could end up short when it matters most.

"For example, if a machine is insured for $300,000 but the current market value is closer to $400,000, that $100,000 gap can make a big difference in how much you're able to recover after a loss.

"The easiest way to avoid this is to review your policy schedule regularly and talk with your broker about what machines are worth in today's market. Used equipment values have shifted a lot in recent years, and even small adjustments can make a big difference to your protection."

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