What is a Hired Out Plant Insurance Waiver?
If you hire Plant out, you will almost certainly use a hire contract. This could be CPA Model Conditions, SPOA, HAE or something bespoke to you but whichever you use, it will usually make your Hirer responsible for Loss or Damage to the Plant whilst on hire to them. In the vast majority of cases you will want to see that your equipment is Insured so without sight of your customer’s Hired In Plant insurance, you probably won’t hire to them.
Our Hired-Out Plant Insurance waiver gives you the opportunity to waive your customer’s responsibility to insure the Plant they hire from you, usually in return for an increase in hire charges. But, whilst you retain the risk of loss or damage to that machine, this can be insured separately from your main insurance.
Need more information? Click contact us and we’ll get in touch however you prefer- phone or email or call 0800 141 2877
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What type of Plant and Equipment can be Insured under the Waiver policy?
JCB waiver is aimed at Plant Hire as opposed to Tool Hire but it’s easier to say what can’t be insured under the policy :-
- Tower Cranes
- Portable Hand Tools
- Non-mechanical Plant such as scaffolding, site accommodation, shuttering and trenchboxes
- Timber Shedders and Pulverisers etc.
- Forestry Equipment
- Mining and Quarrying Equipment
Want to find out more? Click contact us and we’ll get in touch however you prefer- phone or email or call 0800 141 2877
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Do I need to be Authorised and Regulated by the Financial Conduct Authority to sell this waiver?
No, you are not selling Insurance (which is a regulated activity) and therefore you do not need to be authorised by the FCA. In return for an increase in hire fees, you are waiving your customer’s requirement to insure the Plant under contract. You then retain the risk which is in turn insured under your Hired Out Plant waiver policy. This way it is quick and easy with no Regulatory training or audits etc. required.
Need more information? Click contact us and we’ll get in touch however you prefer- phone or email or call 0800 141 2877
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How much does it cost?
re is a deposit premium usually of £500 (plus Insurance Premium Tax) which is used towards the monthly payments which are calculated as a percentage of the hire fees in the preceding month. The percentage rate is a maximum of 15% but can be significantly discounted depending on the security features of the equipment being hired out. There is also the option to amend the policy excess either upwards or downwards which will have a corresponding effect on the premium.
Contact us to find out more or call 0800 141 2877
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If the premiums are paid monthly in arrears, how do I calculate how much I owe?
Either we will supply you with a pre-formatted spreadsheet into which you enter all the hires for the preceding month where you have used the waiver insurance or, many of the main hire software packages have a field for this and the facility to run a report at the end of the month. You simply send us this spreadsheet or report along with the premium payment.
Interested? Click contact us and we’ll get in touch however you prefer- phone or email or call 0800 141 2877
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What’s Covered?
The policy covers ‘All Risks’ of Accidental Damage, Fire and Theft in exactly the same way as a traditional Contractors’ Plant insurance policy does.
Contact us to find out more or call 0800 141 2877
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In the event of Loss or Damage, is there an excess to pay?
The excess in the event of a claim is £500 increasing to £1,000 in respect of Theft or Malicious Damage. Whilst this is the excess on your Insurance waiver policy, it is normal to charge this to your customer. It is your choice but in our experience, if your hirer has to pay out the excess in the event of a loss, they remain more focussed on keeping the equipment safe.
Need more information? Click contact us and we’ll get in touch however you prefer- phone or email or call 0800 141 2877
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