HSUA introduces new contractors plant and equipment insurance

Insurance product to streamline broker operations

HSUA introduces new contractors plant and equipment insurance

Insurance News

By Roxanne Libatique

High Street Underwriting Agency (HSUA) has released its contractors plant and equipment (CPE) insurance product.

This new offering, accessible via HSUA's digital platform, streamlines the process of obtaining quotes and securing insurance for a broad spectrum of equipment, including but not limited to rollers, dozers, excavators, and various lifting devices.

Leveraging advanced technology and the expertise of its in-house IT team, HSUA's platform is engineered to facilitate a swift and user-friendly insurance application experience.

What to expect from the CPE insurance offering

The CPE insurance product is structured to accommodate substantial coverage needs, with a total insurance value cap at $5 million and individual item coverage up to $500,000. For equipment on lease, the coverage extends to $1.5 million per incident, with individual items insured up to $150,000 and an additional provision covering up to $100,000 for rental charges in the event of a loss.

Ben Allen, liability and COE portfolio manager at HSUA, acknowledged the difficulties brokers often encounter when seeking quick and efficient coverage solutions for standard CPE risks.

“We understand the challenges faced by brokers getting coverage quickly and efficiently for more bread-and-butter style CPE risks,” he said. “With the launch of our new CPE offering, we aim to alleviate that pain point.”

The launch reflects HSUA's broader strategy to refine its service offerings, thereby enhancing the overall experience for brokers and their clientele.

Brokers interested in exploring the features  and benefits of the CPE insurance product are encouraged to visit the HSUA digital platform for more information.

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