Insurance of the plant and equipment insurance means that a company or an organization that a business can talk to regarding the insurance as in having to provide the cover of their machinery and different tools and equipment that might be lost of dur to theft, a loss is being bared by the company and company wants the load to be off their shoulders and so they apply for having all the stuff insured so that they do not have to worry about their assets in case of emergency rather they think about any human life that is in danger during an emergency and so insurance is very important as well.
The machinery and the equipment of the company is being covered by an insurance company in case of an unforeseen and a sudden case of physical loss or the damaged to the items that are already insured with the company and so their repairs and the replacement is then being handled by that company that handles right equipment insurance as well. This insurance thing is done on an annual basis and when your things are not insured you can surely not ask for the insurance as they are not answerable to you in that situation, but once you get your insurance renewed and then any unforeseen hazard takes place, only then would they hold themselves payable to you.
This is not very hard to understand as an example would make it very easy to understand as well. For example, you have your mobile phone insured with an insurance company and one fine day you get mugged and the muggers take your bag which had your phone as well, or let us say that your house caught a fire and you had to leave fast and you forgot your phone inside and so it got burnt. You can then go to the insurance company and claim for the insurance because your phone was insured and the situation was unforeseen as well. But if your phone had not been insured then you were in no position to go to the insurance company and ask for the insurance, or claim it back, because you did not have it in the first place and so it is not for you to have back then.
This si the same case with the machinery and is not equipment that if are insured, their value can be availed from the company but if they are not insured then there is no use going to claim the insurance form the insurance company as now the loss is only for you to bear now totally as well as a reason.