PAR
Plant All Risk
What is it?
Plant All Risk covers your plant and machinery for unforeseen loss or damage on an all risk basis.
Who is it for?
Owners or persons with an insurable interest in plant or equipment. Examples are Loaders, Excavators, Cranes, Hammers, compressors and the like.
How do I get it?
Contact your broker and ask for a BOUWEN PAR policy. Don't have a broker? No problem, contact us and we'll provide a list of appropriate brokers to you.
Plant All Risk Insurance
Plant All Risk Provides cover for all Plant and Equipment used for the performance of contracts. Unlike a Motor policy, this is an All Risk policy and is specifically designed for the Engineering market and needs. We simplified the conditions and extended covers for plant and equipment, to ensure that historical frustrations like high deductibles, limited extensions and basis of valuation is addressed at underwriting stage, not claims stage!
Our basis of valuation is always market value, without penalising the client for parts replacement, as they would previously have had to insure for “New replacement” value for this benefit with traditional engineering underwriters.
Hired in and Hired out plant is a reality in our engineering client’s world. With awarded contracts fluctuating in frequency and size, our clients often find ways to best utilise their plant by hiring it out, or hiring in plant for larger projects. We offer Hired in Plant and Hired out Plant Options, with all necessary extensions available, this section is well thought through and specifically designed for the South African contractor.
Frequently Asked Questions
Answered in simple English…
No. Plant All Risk is an “All Risk” policy which means that whatever is not included is included, whereas a motor policy is a “named peril” policy, which means you are only covered for what is included in your policy. Furthermore the extensions and added benefits that are included in a PAR policy are much more suitable to plant than motor and vice versa.
Yes, but keep in mind that PAR is not tailored for motor and HCV. There are more appropriate policies that cover this, ask your broker for more information.
Yes. With BOUWEN you can add not only windscreen cover, but glass cover for all your plant item’s glass panels.
Market value. We consider this to be the fairest basis of valuation and will replace with new parts if the plant item is less than 6 months old. If you prefer new replacement or agreed value we will accommodate you on that basis.
Yes, BOUWEN can cover you for hired in and out plant items.