ASSET PROTECTION

Why would you need additional cover?

Standard insurance policies might not cover mechanical breakdown or electrical failure. If you have a warranty on your equipment, you may find this excludes accidental damage such as operator error, power surge or ingress of foreign bodies.

The solution

We can cover the financial impact of these types of incidents, so that your business is better protected against the costs of these unforeseen events.

Choose from:

• KeyAsset Protector - Mechanical
• KeyAsset Protector - Electronic

You'll be covered for the repair cost of such incidents, including parts and labour. On top of this, you can choose your own repairers, allowing you to get back to business as soon as possible.

Computers and portable electronic equipment

We offer tailored cover for this type of equipment. Simply contact us to find out more.

Mechanical equipment

KeyAsset Protector - Mechanical provides cover for new and used, fixed location, mechanical equipment, such as printing presses and production lines. Machinery can be up to ten years old at the start of the policy.

It covers against breakdown and physical damage, including damage resulting from operator error and accidental external causes. Cover is available for a fixed monthly premium for up to seven years, irrespective of your claims experience.

The machinery must be located at your nominated premises in the UK, Channel Islands or Isle of Man.

Cover includes:

• Full cost - of repairs for partial losses throughout the entire period of cover.
• Total loss claims - settled at new replacement value if the machine is less than 10 years old at the time of loss, or market value if it is more than ten years old at time of loss.
• Expediting costs - the lesser of £12,500 or 50% of the repair costs (such as emergency temporary repairs).
• Periodic finance repayments - for up to six months while the machinery is out of action (excluding the first 14 days).
• Transit - for service and repairs (excluding transit by air or sea).
• Hire of alternative machinery - for up to six months or 15% of insured value (excluding first 14 days), or additional cost of working for up to six months up to the lesser of 10% of the value of any claim or £10,000 (excluding first 14 days).

Computers and portable electronic equipment

We offer tailored cover for this type of equipment. Simply contact us to find out more.

Find out more

KeyAsset mechanical protection key facts summary (PDF, 60Kb, opens in a new window)

Eligibility criteria

• The age of the equipment must not exceed 10 years at inception of cover or 15 years old at expiry of cover.
• The sum insured must not exceed £1,000,000 per item or £1,000,000 per location.
• The insured equipment must be used on your premises as notified to the insurer.
• The insured equipment cannot consist of any forestry or mobile agricultural equipment or equipment used for recycling, reclamation or disposal of waste material.
• The insured equipment must not be used at any of the following excluded locations: building sites, quarries, open cast mines, waste disposal sites, night clubs, bars, other public houses, fast food takeaways, amusement parks, arcades, leisure centres, gymnasiums or any location where the general public can operate the insured equipment.

Electronic equipment

KeyAsset Protector - Electronic provides cover for new and used, fixed location, electronic equipment, such as diagnostic equipment or laser machinery. Equipment can be up to 6 months old at the start of the policy.

It covers against breakdown and physical damage, including damage resulting from operator error and accidental external causes. Cover is available for a fixed monthly premium for up to six years, irrespective of your claims experience.

Cover includes:

• Full cost of repairs - for partial losses throughout the entire period of cover.
• Total loss claims - settled at new replacement value.
• Expediting costs - the lesser of £12,500 or 50% of the repair costs (such as emergency temporary repairs).
• Periodic finance repayments - for up to six months while the machinery is out of action (excluding the first 14 days).
• Transit - for service and repairs (excluding transit by air or sea).
• Hire of alternative equipment - for up to six months or 15% of insured value (excluding first 14 days), or additional cost of working for up to six months up to the lesser of 10% of the value of any claim or £10,000 (excluding first 14 days).

Computers and portable electronic equipment

We offer tailored cover for this type of equipment. Simply contact us to find out more.

Find out more

KeyAsset electronic protection key facts summary (PDF, 60Kb, opens in a new window)

Eligibility criteria

• The age of the equipment must not exceed six months at inception of cover or six years old at expiry of cover.
• The sum insured must not exceed £500,000 per item or £1,000,000 per location.
• The insured equipment must be used on your premises as notified to the insurer.
• The insured equipment cannot consist of any forestry or mobile agricultural equipment or equipment used for recycling, reclamation or disposal of waste material.
• The insured equipment must not be used at any of the following excluded locations: building sites, quarries, open cast mines, waste disposal sites, night clubs, bars, other public houses, fast food takeaways, amusement parks, arcades, leisure centres, gymnasiums or any location where the general public can operate the insured equipment.