Plant and machinery insurance through Nationale-Nederlanden
With a growing plant fleet the question shifts from separate policies to a single set of records: what is on it, at what value, and is that still correct.
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In brief
Finass is an independent intermediary and compares more than thirty insurers on conditions, not on premium alone. Nationale-Nederlanden comes into the picture mainly for businesses that want to bring several machines under one contract and need a consistent basis of valuation across the whole fleet.
With a larger fleet, the basis of value is the subject on which the difference lies. A replacement-value-as-new arrangement usually applies only for the first few years after purchase and then converts to market value, sometimes with a fixed monthly depreciation percentage. If a machine appears on the policy at an outdated value, a total loss produces a settlement that does not cover the replacement. The principle behind that limit is Article 7:960 of the Dutch Civil Code: an indemnity policy may not put you in a better position than you were in before the loss.
New in this market is electric plant. Battery packs represent a large share of the value and carry risks of their own: damage caused by incorrect charging, by deep discharge or by a faulty charger is often treated as an inherent defect and then falls outside the own-damage cover. Have this checked expressly. The general explanation of the product is set out on the hub page compare plant and machinery insurance.
This page deals with one situation. The full overview is on Compare plant and machinery insurance.
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Plant and machinery insurance
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Get coveredWhy arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
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We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
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You call or email someone who knows your file. No menu options, no changing call centres.
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We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
What to look out for
Four subjects that weigh more heavily with a fleet of several machines than with a single machine.
Keeping the specification up to date
A plant list ages faster than you would think: machines are traded in, attachments swapped, GPS equipment added. An item that is not on the list is not insured, however long it has been running. Agree a fixed moment at which the list is updated and keep purchase invoices with the records; in a claim those are the evidence of value and ownership.
Cable damage and the excavation notification
In groundwork, striking a cable or pipe is the loss that recurs most often. Insurers include a clause for it that links cover to a valid excavation notification, up-to-date location data and locating by hand at the points indicated. If that is not complied with, the liability under Article 6:162 of the Dutch Civil Code remains in full while the cover falls away.
Telematics cuts both ways
Tracking systems reduce the theft risk and often the premium with it, but they also create obligations: the system must be active, the subscription current and the alert acted on when an alarm is triggered. A stolen machine with a switched-off tracker produces an argument about compliance with the prevention obligation. Check periodically that all units are actually online.
Cross-border work and downtime
If you work across the border temporarily, report the change in territorial limits; outside the agreed territory the cover falls away. If plant stands idle for a long period, for instance in winter, the question is whether the risk is then lower and whether that saves premium. Changes in use and territory fall under the duty to declare in Article 7:928 of the Dutch Civil Code.
What does your premium depend on?
- Total insured value of the fleet: the sum total determines the premium basis
- Composition of the fleet: self-propelled machines, mounted plant and internal transport weigh differently
- Valuation arrangement per item: replacement value as new for a period or market value straight away
- Telematics fitted: an active tracking system affects the theft premium
- Propulsion and energy source: electric plant has a different claims pattern
- Claims record over several years: with a fleet, frequency weighs more heavily than one large loss
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Third-party liability | Own-damage cover |
|---|---|---|
| A mini excavator overturns on an embankment and the boom is bent | No | Yes |
| A tracked excavator damages the local authority's road surface while driving up onto the kerb | Yes | No |
| A trailer with a plate compactor disappears from an unsecured building site | No | Provided that |
| Fire in a telehandler because a hydraulic hose bursts above the manifold | No | Yes |
| The engine seizes because the wrong fuel has been put in | No | No |
| A forklift truck hits a visitor's car on the yard | Yes | No |
Damage to the machine itself and damage the machine causes to someone else are two sections with an excess of their own.
Frequently asked questions
This is what people ask us most.
What happens if a machine is underinsured?
If a machine appears on the policy at too low a value, the insurer settles a partial loss proportionately: the settlement is reduced to the extent that the declared value departs from the actual value. In a total loss the declared value is also the ceiling. This is the reason to set the plant list against current market values every year.
Is damage caused by a fault in the control software covered?
Modern machines are full of electronics, but for own-damage cover a failing system is usually an inherent defect and therefore excluded. Where consequential damage to other parts arises, that can sometimes be insured. Damage caused by a targeted digital attack falls under the cyber exclusion. For that there is a cyber insurance.
Does every machine have to be insured separately?
No. Above a certain number of items it is usual to bring the fleet under one contract with a specification. That simplifies the administration and makes changes during the year easier. Highly specialised or exceptionally valuable machines sometimes still get a policy of their own with different conditions or a higher excess.
What is not insured where use is deliberately risky?
Damage caused intentionally or recklessly falls outside the cover. That follows from Article 7:952 of the Dutch Civil Code. The policy also contains firm exclusions for taking part in competitions, use for purposes for which the machine is not intended, and working without the legally required permit or inspection. An expired inspection certificate is a real ground for rejection in that respect.
Every situation is different. For these situations we have a separate page.
- Compare plant and machinery insuranceThe main page
- The cover provided by plant and machinery insuranceThird-party liability, own-damage, working risk
- Insuring a bulldozerWAM obligation, own-damage, transport and theft
- An excavator on plant and machinery insuranceCable damage, theft, tracks
- Insuring an excavatorExcavation damage, KLIC notification, theft