simontaylor Posted March 6, 2013 Share Posted March 6, 2013 Hi all, I'm hiring out some kit to a client (PA, cd players, some basic disco lighting) and they want to take out some insurance in case it's damaged whilst it's on hire. I don't offer any sort of insurance myself - but there must be companies that offer single event insurance for people that hire kit? Can someone point me in the right direction? Many thanks in advance! Simon Link to comment Share on other sites More sharing options...
Pete McCrea Posted March 6, 2013 Share Posted March 6, 2013 I assume that you've asked the people that provide your business PLI and Equipment insurance to provide cover to the client? Link to comment Share on other sites More sharing options...
PoppaDom Posted March 6, 2013 Share Posted March 6, 2013 Seconded, the provider of your own Public Liability and equipment insurance is probably the best first port of call for a quote. Dom I assume that you've asked the people that provide your business PLI and Equipment insurance to provide cover to the client? Link to comment Share on other sites More sharing options...
paulears Posted March 6, 2013 Share Posted March 6, 2013 Mine were not interested in a one-off insurance. They're generally considered bad risks. They were happy to provide permanent cover, but I never found a way to do cost effective cover for individual events. I was told to contact the usual insurance firms mentioned on the BR - but they were unable to even provide a quote. Link to comment Share on other sites More sharing options...
kerry davies Posted March 7, 2013 Share Posted March 7, 2013 Paul may be misunderstanding peoples posts. What is being suggested is that whoever hires the kit for use insures it via their own event insurance. Pete merely suggests his own insurer, because they are one of the "usual suspects" I presume, who would be more au fait with the policies available. On the rare occasions when my kit has been borrowed/hired it is made quite clear that they can break it as much as they like but I want a replacement on return. Whether they insure it or buy a new one out of their own pockets, frankly, my dear, I don't give a damn. Link to comment Share on other sites More sharing options...
paulears Posted March 7, 2013 Share Posted March 7, 2013 See your point Kerry, but I do wonder if an all risk policy is actually affordable? A bit like those weather policies, the premiums are huge because of the probability of a claim. Link to comment Share on other sites More sharing options...
GR1 Posted March 7, 2013 Share Posted March 7, 2013 A couple of the bigger AV companies I've worked for add 5% to the equipment part of their quote as an insurance premium which is deducted if the client takes the risk. As far as I know they underwrite the risk themselves because the premuim would be prohibitive. That is OK as long as you have respected clients and have a loss of less than 1 on 20 but it would be difficult for a smaller company with relatively unknown clients. Link to comment Share on other sites More sharing options...
simontaylor Posted March 7, 2013 Author Share Posted March 7, 2013 Thanks for the replies! This is what I sort of thought, after scouring the internet and failing to find anyone offering single day/event insurance. Link to comment Share on other sites More sharing options...
dbuckley Posted March 7, 2013 Share Posted March 7, 2013 There are event insurance packages, which typically include PLI, cancellation, kit, but they are not cheap. The minimum premium is often more than the turnover of a small event! Link to comment Share on other sites More sharing options...
Rigger Posted March 7, 2013 Share Posted March 7, 2013 A couple of the bigger AV companies I've worked for add 5% to the equipment part of their quote as an insurance premium which is deducted if the client takes the risk. As far as I know they underwrite the risk themselves because the premuim would be prohibitive. That is OK as long as you have respected clients and have a loss of less than 1 on 20 but it would be difficult for a smaller company with relatively unknown clients. And your company is regulated by the financial services authority as you are selling insurance. Link to comment Share on other sites More sharing options...
McIvy Posted March 7, 2013 Share Posted March 7, 2013 Contrary to the above, there are several Specialist Media/Entertainment/Event Insurance Brokers that can offer "Short Term" or "Single Event" All Risks insurance cover for Hired-In equipment, but previous posters are right in that the premiums can definately smart the eyes! For the simple reason that the risk is high and unfortunately, long experience shows me that in general, Hire Clients tend to be less careful with kit that's not their own, and are often less familiar with its robustness, security and usage, as longtime owners would be. I'd be very surprised if the Industry Speciialist Brokers can't offer the cover to your client. Certalnly most of those previously mentioned on BR should be able to. Admittedly,it's likely that General Commercial Insurance Brokers will struggle with the concept though. Since I'm directly involved in the business of picking up the disaster peices for most of these Insurers, I'm reluctant to publish names/numbers on the forum........ but do search them out and if stuck, let me know. I would personally recommend that as a Hirer, you should absolutely insist that the client has got suitable and sufficient AR cover for the full replacement cost of the kit AND extended cover for continuing hire charges, which your hire contract will no doubt entitle you to claim until the kit is paid for or repaired/replaced. Furthermore, for first-time clients you should double check that the cover is in force directly with those Brokers and even insist that you are named on the cover schedule as either a "Joint Insured" or at least endorsed so that you are entitled to directly negotiate and receive payment without recourse to the client. Finally, many if not most of the big boy hire firms definately do have Insurance cover that extends to their clients, entitling the firm to charge an extra "Premium", but remember that those clients are tied to the same terms and conditions of the Insurance Policy as the policyholder, so such detailed terms MUST be brought to the attention of the client before the hire starts, not after the disaster! particularly in tricky areas like security. McIvy Link to comment Share on other sites More sharing options...
Brian Posted March 7, 2013 Share Posted March 7, 2013 It's worth ploughing through THIS THREAD to see what happens when it goes wrong. Especially post #27. Link to comment Share on other sites More sharing options...
paulears Posted March 7, 2013 Share Posted March 7, 2013 After this incident, it took the shine of our kind of work, and I believe he ended up joining the RAF - and keeping well away from hiring lighting kit! Link to comment Share on other sites More sharing options...
stevep Posted March 7, 2013 Share Posted March 7, 2013 Not immedeately relevant to the OP - but up here in Scotland I've had a situation where an amateur dramatics group were having trouble obtaining insurance for a 1-week run. In the end they called NODA for advice and managed to get cover very easily through them (and they commented that it was cheap). Dunno if that works south of the border or if it's Scotland only Link to comment Share on other sites More sharing options...
Brian Posted March 7, 2013 Share Posted March 7, 2013 In the end they called NODA for advice and managed to get cover very easily through them (and they commented that it was cheap).IIRC, membership of NODA gives you cover for borrowed, loaned and hired items. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.