Insurance for client's equipment

[northernladuk]

If everything else fails, you can include it in your content insurance and increase value / set it as high value item by naming it.

No and you really need to get the distinction between personal and business through your head. This is business gear so his personal house insurance is very unlikely to cover it. It doesn't even belong to the company so absolutely no way personal insurance will cover transient business gear. You need to have a very clear separation of business and personal when running a LTD.

[Paralytic]

If everything else fails, you can include it in your content insurance and increase value / set it as high value item by naming it.

But check out the wording as, by default, the policy might only cover items that are owned by the policyholder.

I'd go a specialist policy for this - as above, Hiscox are a major player.

[ladymuck]

I had a bit of a rummage while on a particularly boring work call and most policies seem to mention owned, leased or hired by you but not items lent to you or borrowed.

I wonder if perhaps you could draw up a hire agreement with the client for the equipment and that could then make your cover eligible for a business equipment insurance policy.

IANAL

[northernladuk]

I had a bit of a rummage while on a particularly boring work call and most policies seem to mention owned, leased or hired by you but not items lent to you or borrowed.

I wonder if perhaps you could draw up a hire agreement with the client for the equipment and that could then make your cover eligible for a business equipment insurance policy.

IANAL

By him personally, not by him in his capacity of a business I'd expect. Wouldn't take long to unravel why he's got 10k of kit in his house and them to void his cover.

[SueEllen]

By him personally, not by him in his capacity of a business I'd expect. Wouldn't take long to unravel why he's got 10k of kit in his house and them to void his cover.

Eh? Have you read the policy wording for business equipment?

[northernladyuk]

I had a bit of a rummage while on a particularly boring work call

<snip>

IANAL

[Lance]

By him personally, not by him in his capacity of a business I'd expect. Wouldn't take long to unravel why he's got 10k of kit in his house and them to void his cover.

exactly what I want to avoid.
No corners to be cut. Just insurance needed.

[Peoplesoft bloke]

Insurance relies on a legal principle called Insurable Interest which basically means yourco must stand to lose something financially (directly) if the gear is damaged or stolen. Just agreeing to look after it doesn't make you automatically responsible for it. By far the most expedient solution is for the owner to insure it, and the lack of insurable interest is why yourco will struggle to insure it - and anyone who takes yourco's money may well not pay out if the stuff is nicked.

[northernladuk]

But more interesting than this thread.