Norwest NSW
Hired Equipment Insurance
Hiring in a machine feels simple until something goes wrong. A scissor lift tips. A generator is stolen from site. A hired excavator hits something underground. The hire company expects it back in the condition it left, and the repair bill is yours.
Damage to hired equipment insurance covers the cost of repairing or replacing plant and equipment you've hired from someone else while it's in your care.
Who needs it
- Builders and contractors
- Event and entertainment businesses
- Landscapers and civil contractors
- Anyone who hires machinery or gear in from time to time
What it can cover
- Accidental damage to hired plant
- Theft of hired equipment
- Fire and storm damage
- Cost of hire charges while the item is out of action, in some policies
What to check
Your hire agreement
Many hire companies make you responsible for the full replacement value.
The limit
Make sure it matches the most expensive item you're likely to hire.
Hire company waivers
Some offer their own damage waiver. Compare cost and cover.
Exclusions
Misuse, operator error and unattended items can affect a claim.
Case study
An example
A landscaping contractor hires a mini loader for two weeks. A worker backs it into a retaining wall and cracks the hydraulic arm. The hire company bills $14,000 for repairs and lost hire time. With hired equipment cover, the repair cost can be claimed, less the excess. Without it, the contractor pays out of pocket.
Illustrative example only. Cover depends on your policy wording and your hire agreement.
Contact us
Before you call, it helps to know:
We're based at Suite 2.02, 2-8 Brookhollow Ave, Norwest NSW. Call 02 8660 2305 or email admin@idealbrokers.com.au.
Ideal Insurance Brokers, Norwest NSW 2153. Ideal Brokers Pty Ltd (CAR No. 001262504 | ABN 65 623 205 952) is a Corporate Authorised Representative of Metrix Connect Pty Ltd ACN 635 286 136 as the trustee for the Metrix Connect Hybrid Trust ABN 55 742 327 931 | AFSL No. 525491. This page contains general information only and does not take into account your objectives, financial situation or needs. Read the Product Disclosure Statement before buying.
Hired equipment insurance FAQs
Sometimes, but waivers can be expensive and limited. A policy of your own can work out cheaper if you hire often.
Usually, within the limits of the policy. Tell us how you hire so we get the limit right.
It can be, if the policy includes theft and you've met security conditions. Read these carefully.
No. That falls under public liability. Many contractors need both.