Has Your Arb Insurance Cover Claim Been Paid Out?

[LGP Eddie]

I had an Arson attack on a large excavator insured with JCB.

They were fantastic throughout, but the whole process took 10 days off a year until the machine was returned but they paid out no problem.

 

Premiums basically doubled after, and this week I’ve noticed they’re really tightening up on Hired Plant Insurance with my latest quote being almost double the previous with the excess jumping from £500 to £2500.

I’ve never had a claim on Hired Plant, and have spent serious money over the years for cover, but this renewal really is a jump.

 

Hired Plant cover is one so many overlook or simply don’t have enough cover for.

Remember if you hire a machine and it’s coming under standard CPA model conditions, you basically are responsible for it, and not only that if it’s put out of action, you’ll be responsible for the loss of earning until it’s suitably replaced.

It’s not hard these days to top £100k when hiring in kit, and many will need £250k plus single item cover for the big chippers etc.

 

Some companies will charge you a percentage of invoice to Insure it themselves, but always make certain it’s firmly established who’s insuring what before kit lands and don’t leave yourself wide open by chancing it, as even having a 1.5 tonne excavator stolen you’ve hired in is going to be a fair old bill.

 

 

Eddie.

[Canal Navvy]

1 hour ago, LGP Eddie said:

 

Some companies will charge you a percentage of invoice to Insure it themselves, but always make certain it’s firmly established who’s insuring what before kit lands and don’t leave yourself wide open by chancing it, as even having a 1.5 tonne excavator stolen you’ve hired in is going to be a fair old bill.

Definitely worth reading the hire agreement alongside the offered insurance, I've seen machines hired in where the hire states replace old with new and full hire paid until the machine is replaced when the insurance cover they sell is for secondhand market value only !