How do I calculate the correct value of machinery to insure?

To calculate the correct value of machinery to insure, consider the following important points for Contractors’ Plant & Machinery Insurance:

• The amount you paid for the equipment, the amount you need to replace the equipment, and current market value, including depreciation and potential wear and tear on the equipment.
• You should also mention any additional costs such as transportation, installation, and any upgrades that might be required. 
• To avoid being underinsured, consult an insurance service provider to assess if your insurance coverage properly represents the actual value of your construction machinery.