"Most contractors sign hire agreements without reading the fine print. Hire agreements carry a specific clause that transfers the full financial burden for damage, loss, or theft directly to the hirer, not the leasing company."
"UK plant theft losses sit at around £100 million per year, with thefts rising sharply since 2020. A construction firm without plant cover is one bad night away from a serious financial problem."
"A comprehensive plant insurance policy covers far more than accidental damage alone. Good hired in plant cover includes theft of plant equipment, fire and flood damage, and loss while plant and machinery is in transit."
Contractors often overlook the fine print in hire agreements, which typically place financial responsibility for equipment loss or damage on them. Hired plant insurance is essential for UK construction firms, especially given the rising theft rates, which amount to around £100 million annually. Comprehensive insurance covers theft, accidental damage, and other risks, ensuring contractors are protected from significant financial burdens. Without adequate coverage, a single incident can lead to severe financial consequences for a construction business.
Read at London Business News | Londonlovesbusiness.com
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