There are times where you may need equipment that isn’t in your kit bag.
Luckily, the UK has a flourishing equipment hire industry, stocking the latest gear from well-known brands.
Before you hire
• Ask the hire company for the cost to replace the equipment as new. DON’T GUESS THIS YOURSELF, as you could end up under-insured, meaning you foot the bill if a claim is not met in full.
• If your insurance schedule shows one sum insured under ‘owned and hired in equipment’, I’d recommend asking your broker for a ‘Verification of Insurance’, stating the hired in equipment separately. This avoids any confusion with the hire company.
• Check you have ‘Continuing Hire Charges’ covered. Without this, if you lose or damage equipment and can’t return it on time, the hire company could continue the period of hire, and you’d have to keep paying rental.
• Check what ID the hire company needs. Grab up-to-date contact details for any referees (and let them know!), and obtain recent utility bills, banks statements and ID documents.
When you have kit on hire
• On collection, check the equipment is complete, working, and undamaged, so you’re not held liable for any damage discovered later on.
• Check the activity you are undertaking is insured. Note the requirements for reporting claims and within what period (‘Immediately’ is usually a good idea!).
• Keep the equipment protected! Does your insurance require it to be stored in a secure building? Is kit insured in unattended vehicles?
• Always know where the equipment is, and who’s responsible for it. When moving from location, check the inventory and inspect for damage.
When you return the equipment
• Check it’s complete and undamaged and agree this with the hire company, as this may offer some protection if damage is uncovered later.
If you’ve decided to hire your equipment out to someone else, then have a written agreement in place. State who’s responsible for insurance and continuing hire charges. Tell your insurance broker that you are hiring out. Check you’re insured if the hirer’s insurance fails, or they steal your kit. Where possible, make the hirer responsible for insuring equipment, so claims don’t fall under your policy.
Hire companies have recent success in combating fraud, with hefty prison sentences being handed down to perpetrators. I am delighted to have been assisting Xhire (www.xhire.org.uk), since its formation a decade ago, adopting processes and procedures to keep their members safe. Xhire has a ‘tool kit’ of anti-fraud detection and protection techniques, resulting in a rapid decline in instances of fraud and an increase in police prosecutions. This keeps the hire companies’ equipment safe, whilst helping to maintain lower rental costs to you, the end user.
Underpinning all of this should be a reliable insurance policy that protects the equipment whilst in, or out, on hire.
To find out more about insurance for hired equipment, or if you are a hire company that would like to find out more about the advantages joining Xhire for free, give me a call on 07983 741101, or drop me an email at firstname.lastname@example.org
Andrew Leen, www.mediaroo-insurance.co.uk