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Previously on "Insurance for client's equipment"

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  • northernladuk
    replied
    Originally posted by northernladyuk View Post
    But more interesting than this thread.

    Leave a comment:


  • Peoplesoft bloke
    replied
    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.

    Leave a comment:


  • Lance
    replied
    Originally posted by northernladuk View Post
    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.

    Leave a comment:


  • northernladyuk
    replied
    Originally posted by ladymuck View Post
    I had a bit of a rummage while on a particularly boring work call

    <snip>

    IANAL

    Leave a comment:


  • SueEllen
    replied
    Originally posted by northernladuk View Post
    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?

    Leave a comment:


  • northernladuk
    replied
    Originally posted by ladymuck View Post
    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.

    Leave a comment:


  • ladymuck
    replied
    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

    Leave a comment:


  • Paralytic
    replied
    Originally posted by BigDataPro View Post
    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.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by BigDataPro View Post
    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.

    Leave a comment:


  • Old Greg
    replied
    Originally posted by Lance View Post
    Yes I've rung my insurance provider (QDOS) but they don't seem to get it.....


    I am likely to be starting a new piece of work for a former client.
    This will involve them providing me some equipment worth approx. £10k for me to do a proof of concept for them.
    I want to get the equipment insured.
    I have no business premise insurance as it's my home office.

    Any ideas on who would sell this type of business insurance?
    Assuming a 10k loss wouldn't be catastrophic, just self-insure and keep it hidden away at night.

    Leave a comment:


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

    Leave a comment:


  • ladymuck
    replied
    Maybe an outfit like Hiscox may be a better bet?

    Leave a comment:


  • SueEllen
    replied
    You need to look at other business insurance providers as QDOS packages are nice and simple if it is just your own equipment under a few grand. Google and see who comes up.

    Leave a comment:


  • Lance
    replied
    Originally posted by nomadd View Post
    Exactly "what" do QDOS not seem to get? Personally, I can think of at least a dozen reasons why they would refuse cover under standard contractor policies..

    Why does the client want you to get the property insured? Exactly why isn't it already insured?

    FWIW, over the decades I've had to use thousands of pounds of customer kit, but I've always applied a simple rule: if they don't explicitly say in writing they have it insured, then it never leaves their premises.
    I'm not after a 'standard contractor insurance'. I want business equipment insurance that covers client owned equipment on my premises.

    And what is normal in contractor land is not relevant. This is a B2B piece of work with a SoW. I am not a contractor for this work. We spend enough time telling people to think like a business and when we do we get told that's not what contractors are....

    This may well come back on them, but if I can get £30k and my costs are just a few hundred £££ for insurance I'll do it.
    I buy business travel insurance when I'm travelling on client business and I don't see this as any different.

    Leave a comment:


  • nomadd
    replied
    Originally posted by Lance View Post
    Yes I've rung my insurance provider (QDOS) but they don't seem to get it.....


    I am likely to be starting a new piece of work for a former client.
    This will involve them providing me some equipment worth approx. £10k for me to do a proof of concept for them.
    I want to get the equipment insured.
    I have no business premise insurance as it's my home office.

    Any ideas on who would sell this type of business insurance?
    Exactly "what" do QDOS not seem to get? Personally, I can think of at least a dozen reasons why they would refuse cover under standard contractor policies..

    Why does the client want you to get the property insured? Exactly why isn't it already insured?

    FWIW, over the decades I've had to use thousands of pounds of customer kit, but I've always applied a simple rule: if they don't explicitly say in writing they have it insured, then it never leaves their premises.
    Last edited by nomadd; 10 November 2020, 10:02.

    Leave a comment:

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