Plant theft cover

It will offer brokers and construction firms competitive cover in return for a full inventory of plant and adoption of security devices.

ECIC's Phil Scarrett said: "Historically when insurers have insured plant they have simply asked for a value of the plant without really understanding the detail of the equipment or the security devices in place. This has led to a rise in claims and a corresponding rise in rates.

"ECIC’s 35 year pedigree operating in the construction sector means we know this market inside out, so we have a head start when it comes to underwriting accuracy, backed up by a claims service that appreciates the particular challenges construction companies face."