Trunker Posted May 2, 2008 Share Posted May 2, 2008 Hi, Who can recomend a good company for Public Liabuility Insurance. Setting up my own hire company and really need to sort out all these aspects in the next few weeks etc. How much would you insure for? £1.2m, £2m etc? Link to comment Share on other sites More sharing options...
Suzette Posted May 2, 2008 Share Posted May 2, 2008 have you read this?might help you with some answers Link to comment Share on other sites More sharing options...
mi-ul Posted May 2, 2008 Share Posted May 2, 2008 Hi, Howmuch would you insure for? £1.2m, £2m etc? have you read this?might help you with some answers Many venues will now ask for a minimum of £5 million rather than the £1m in the above link. Also a few of the insurance companies (I have PL as a musician and for my kit although not necassarily as hire) start at a minimum cover of £5m Mi-ul Link to comment Share on other sites More sharing options...
Ike Posted May 2, 2008 Share Posted May 2, 2008 You defiantly need to look at any minimums required by potential clients but you also need to think about the risks to you. Obviously running out of insurance in the case of a large successful claim against you could bankrupt you. The likelihood and size of any potential claim will depend on what you're hiring and the procedures you have in place to ensure safety. If you're hiring out a few lanterns and have a method for inspecting them for electrical and mechanical safety prior to going out then both these should be fairly low. If on the other hand you're hiring out tons of truss you bought off ebay and simply give it a quick once over prior to sending it out the the risks could be huge. (I'm of course in no way suggesting you'd do this!) You might want to have a shop around as well and just see what's available. A few companies have been known to offer 10 million for only slightly higher premiums than 3 million for example. Link to comment Share on other sites More sharing options...
johnhuson Posted May 2, 2008 Share Posted May 2, 2008 I'm fairly sure this has been covered before but just in case. You need a minimum of 5 Million as this is what most clients, venues etc. insist on as a minimum, personally I would go for 10 Million if you can afford it, but not essential if your just starting out. As for companies, Torribles are specialists in our industry and it's who we and many others use. Link to comment Share on other sites More sharing options...
Stewart Newlands Posted May 2, 2008 Share Posted May 2, 2008 You may also need professional indemnity insurance, if you carry out some activities like rigging design or electrical inspections. Link to comment Share on other sites More sharing options...
cfmonk Posted May 3, 2008 Share Posted May 3, 2008 Speak to Arthur Doodson! Chris Link to comment Share on other sites More sharing options...
RustyBrooks Posted May 8, 2008 Share Posted May 8, 2008 Go for at least 5Million, pref 10, as mentioned above. Tot up how much damage could be caused in the worst possible scenario... a few injured people, and a flightcase rolling down a road into a busy crossroads? or drop somthing from a roof in a gig, like a big bundle of speakers into a room full of people... 10million starts to look like a bare minimum. Doodsons are ace, and very approachable.. as are toribles, have a chat with both, as one of them will be a LOT cheaper than the other, but you can never tell who! Link to comment Share on other sites More sharing options...
The Gaffa Posted May 8, 2008 Share Posted May 8, 2008 Got mine through Royal Sun Alliance. (£10mill, £1000 excess + world wide up to 60 days) The premium varies year on year so can't really advise on cost s my accountant sorts it out for me. Slightly OT but I'd also suggest getting a good life insurance policy (one which covers all risks) as well. Link to comment Share on other sites More sharing options...
djandydee Posted June 5, 2008 Share Posted June 5, 2008 10 Million is not the total payout - It would be 10 Million per claim with unlimited claims. If a truss came down and hit the entire front row at a concert, 10 Million wouldnt even start to pay for the damages yet 10 million is what most councils require for PLI. Link to comment Share on other sites More sharing options...
Pete McCrea Posted June 5, 2008 Share Posted June 5, 2008 The amounts your charged will also depend on your turnover and payroll head count for the ELI, so examples are meaningless unless we know figures related to your business. So you'll need to have an idea of what you'll be turning over, and the wage roll value as well as the way it's broken down (technical, management, site based v office based). It's then assessed at the end of the year, and if your T/O is over the amount you originally requested it for (say quote based on £10K and you do £20K), you then will be asked to pay the additional amount. They will also require that any subcontractors you use are above board and properly insured. Assuming that you'll be insuring your kit, (as being a hire company that's you main asset...), then you'll need a value for that too. You will also need to specify amounts to cover the hired in kit you may use and amounts that will be used in the UK, UK and Europe, World wide etc. Link to comment Share on other sites More sharing options...
LJ Posted June 6, 2008 Share Posted June 6, 2008 Speak to Arthur Doodson! Chris WHS^^ they sorted us out very nicely recently for combined PLI & ELI. We used to just have the cheap BECTU cover but have found of late that bigger clients don't accept it as they have quite strict small print apparently. Luckily haven't needed it (yet) *touches head in absence of available wood* Link to comment Share on other sites More sharing options...
Guest lightnix Posted June 6, 2008 Share Posted June 6, 2008 ...We used to just have the cheap BECTU cover but have found of late that bigger clients don't accept it as they have quite strict small print apparently...At last, somebody's noticed that BECTU cover isn't worth the paper it's printed on ;) Well OK, maybe it is - but not a lot more Link to comment Share on other sites More sharing options...
Trunker Posted June 6, 2008 Author Share Posted June 6, 2008 Thanks for all info guys, at least I now know what cost I am looking at. Link to comment Share on other sites More sharing options...
Stewart Newlands Posted June 7, 2008 Share Posted June 7, 2008 Here is a telephone numbers list: Allan Chapman & James 01206 500000(BECTU) members via: Aon Limited, Tel: 0845 6010380 CoverEx International – Terry Waller, 01892 596318 Doodson Events – Richard Doodson, 0161419 3000 Event Assured – Brian Kirsch, 01376 330624Event Insurance Services Ltd – Lucy Scurlock- Jones, 01425 474905Insurex Expo-Sure Group – Jo Williamson, 0845 213 8464La Playa Limited – Amanda Dewey, 01223 200655The Beech Tree Consultancy, Gary Alexander 01273 475276 (PSA freelancers) Torribles, Craig Gray 0117 917 1143Towergate Underwriting Entertainment, Robin Lowe, 0870 9092575 Weather Direct – Ashley Collinson, 020 7648 7164 Link to comment Share on other sites More sharing options...
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