Machinery Plant and All Other Contents

Furniture, fixtures, fittings and machines are usually insured on a Reinstatement basis and the sum insured should be based on their new replacement value. You should also include an amount for proprietors’ and employees’ personal belongings, debris removal, the cost of reproducing your business books and computer records and any fees that may be required for lawyers, architects and surveyors. Occasionally, you may have chosen to insure on an Indemnity basis which would allow for a payment based on the current value of the item, taking into account deductions for depreciation or wear and tear, based on the age and condition of the equipment at the time of the loss.