Originally posted by northernladyuk
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Reply to: Insurance for client's equipment
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Previously on "Insurance for client's equipment"
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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.
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Originally posted by northernladuk View PostBy 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.
No corners to be cut. Just insurance needed.
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Originally posted by ladymuck View PostI had a bit of a rummage while on a particularly boring work call
<snip>
IANAL
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Originally posted by northernladuk View PostBy 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.
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Originally posted by ladymuck View PostI 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
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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
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Originally posted by BigDataPro View PostIf everything else fails, you can include it in your content insurance and increase value / set it as high value item by naming it.
I'd go a specialist policy for this - as above, Hiscox are a major player.
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Originally posted by BigDataPro View PostIf everything else fails, you can include it in your content insurance and increase value / set it as high value item by naming it.
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Originally posted by Lance View PostYes 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?
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If everything else fails, you can include it in your content insurance and increase value / set it as high value item by naming it.
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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.
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Originally posted by nomadd View PostExactly "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.
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.
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Originally posted by Lance View PostYes 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?
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.
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