Mining Equipment Insurance

Yes. Comprehensive mining equipment insurance covers fire and explosion damage. Given the elevated fire risk in mining, insurers may require automatic fire suppression systems on large equipment such as haul trucks, excavators and drill rigs as a condition of cover.

Generally, yes. Mining equipment insurance premiums are higher due to the elevated risks including extreme operating hours, fire and explosion exposure, remote locations and the high individual machine values involved. Premiums typically range from 2% to 5% of value compared to 1.5% to 3.5% for construction equipment.

Yes. Specialist policies cover equipment operating in underground mining environments including boggers, jumbos, shotcrete rigs and underground trucks. Underground operations carry specific risks such as rock fall, water ingress and ventilation-related fire that are factored into the premium.

Yes. Mining contractors can and should insure their own plant and equipment. In addition, most mine owners require contractors to hold minimum insurance levels as a condition of their contract. Shielded can arrange cover that meets both your needs and your client's contractual requirements.

Large haul truck tyres can cost $30,000 to $80,000 each and are a significant expense. Most plant insurance policies exclude tyre damage unless caused by an insured event such as fire, theft or collision. General wear and blowouts from normal operations are typically not covered.

Yes. Autonomous haul trucks and semi-autonomous drill rigs operating in Australian mines can be insured. The insurance considerations differ from operator-controlled equipment, so it is important to discuss your autonomous fleet with your broker to ensure the policy responds appropriately.

Shielded compares quotes from specialist plant insurers including GT Insurance, Chubb, CGU, Zurich, QBE, Vero and Hollard. Mining equipment often requires specialist underwriting due to the high values and unique risks involved. As brokers, we find the most competitive and suitable cover for your mining 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.