Dry Hire Insurance

Own-use insurance covers equipment you operate yourself. Dry hire insurance covers equipment you hire out to third parties without an operator. Dry hire carries higher risk because the machine is outside your direct control, exposed to multiple operators and stored on sites you do not manage. Premiums are generally higher to reflect this increased exposure.

Yes. Comprehensive dry hire insurance includes theft cover while the machine is on the hirer's site or in transit. Insurers typically require GPS tracking, immobilisers and clear security protocols in your hire agreements. Higher excesses may apply to theft claims if minimum security standards are not met.

Yes. A well-drafted hire agreement is essential and some insurers require specific clauses as a condition of cover. Your agreement should clearly define the hirer's responsibilities for damage, excess payments, insurance, security and machine return condition.

Some hirers hold their own hired-in plant insurance which covers damage to equipment they hire. However, you should not rely on this. As the equipment owner, having your own hired-out plant policy ensures you are covered regardless of the hirer's insurance status. Many hirers are underinsured or uninsured.

Yes. Loss of use or downtime cover provides daily payments when your equipment cannot be hired out following an insured event. This is particularly important for hire companies whose revenue depends on fleet utilisation. Daily rates and maximum benefit periods vary by policy.

Most specialist insurers require or strongly recommend GPS tracking for dry hire equipment. GPS assists with theft recovery, verifies machine location and provides evidence for claims. Some policies impose higher excesses or decline theft claims if GPS tracking is not fitted and active.

Shielded compares quotes from specialist plant insurers including GT Insurance, Chubb, CGU, Zurich, QBE, Vero and Hollard. The best insurer depends on fleet size, equipment types and claims history. As brokers, we find the most competitive and suitable cover for your dry hire operation.

We provide cover for a wide range of plant and equipment including excavators, bulldozers, loaders, cranes, forklifts, boom lifts, scissor lifts, telehandlers, concrete pumps, graders, rollers, compactors, generators, and specialist mining and forestry equipment. Whether you own a single machine or manage a fleet, we tailor policies to match your operation.

Plant and machinery insurance typically covers accidental damage, fire, theft, malicious damage, storm and flood damage. You can also add public liability, road risk liability for registered machines, downtime or loss of use cover, hired-in plant cover, and personal accident cover for operators. Policies can be tailored for own use, dry hire or wet hire operations.

Premiums are typically calculated as a percentage of the sum insured value, usually between 1.5% and 4% depending on the equipment type, use, and claims history. A $100,000 excavator might cost $2,000 to $4,000 per year for comprehensive cover. Fleet policies covering multiple machines can often achieve better rates. Request a free quote through Shielded for an accurate indication.

Dry hire means you hire out equipment without an operator – the hirer is responsible for operating the machine. Wet hire means the equipment comes with an operator. The insurance requirements differ significantly. Dry hire owners need material damage cover on the equipment plus hired-out plant liability. Wet hire operators also need public liability, workers compensation for operators, and potentially road risk cover.

Yes. Hired-in plant cover protects equipment you hire from a third party while it is in your care, custody and control. Most hire agreements make the hirer responsible for damage to the equipment. Without hired-in plant cover, you could be liable for the full replacement cost of a machine that is damaged or stolen on your site.

If your equipment is registered for road use and travels on public roads (e.g. rollers, graders, mobile cranes), you need road risk or third party property damage cover for when the machine is in transit. Compulsory Third Party (CTP) insurance covers personal injury, but it does not cover property damage to other vehicles or infrastructure.

Contact us at Shielded Insurance on 1800 97 98 99 or reach out to your insurer directly. We recommend notifying us as soon as possible after an incident, documenting the damage with photos, and securing the equipment to prevent further loss. Our team will guide you through the claims process.

Downtime cover (also called loss of use or hire cost reimbursement) provides a daily or weekly payment when your equipment is off-hire or unable to work following an insured event. This helps cover the cost of hiring a replacement machine or compensates for lost revenue while your equipment is being repaired.

We compare quotes from specialist plant and equipment insurers including GT Insurance, Chubb, CGU, Zurich, QBE, Vero, Hollard, and others depending on the type of equipment and use. The best insurer depends on whether the machinery is used for own work, dry hire, wet hire, mining, or construction. As brokers, we find the most competitive and suitable cover for your operation.

Yes. Fleet policies covering multiple pieces of equipment under one policy can simplify administration, provide consistent renewal dates, and often achieve better premium rates than insuring each machine individually. Fleet policies are suitable for contractors, plant hire companies and mining operators with multiple assets.