Cover yourself against wider risks
When purchasing important business assets, a general insurance policy that covers against risks like fire and theft is often not enough.
It may be that your policy excludes mechanical breakdown or electrical failure. And if you have been given a warranty on your equipment, you may find this excludes accidental damage like operator error, power surge or ingress of foreign bodies.
KeyAsset protection could cover these types of incidents, so that your business is better protected against the costs of these unforeseen events.
With this protection, you could be covered for the repair cost of such incidents, including parts and labour. In addition, you could choose your own repairers, enabling you to take a quick repair route to help cut your downtime.
KeyAsset Protector: cover for general machinery & equipment
Features and benefits
Providing protection for new and used machinery up to ten years old of fixed location at premises owned or occupied by the insured customer, located in the UK, Channel Islands and Isle of Man. Protection extends to provide cover against accidental damage and theft, including damage resulting from operator error and malicious external causes. Cover is available for a fixed monthly premium for up to seven years, irrespective of claims experience.
- Full cost of repairs for partial losses throughout the entire period of cover.
- Cover is available for items up to ten years old at inception of the policy. Total loss claims are then settled at New Replacement Value if the machine is less than ten years old at the time of loss, or Market Value if the machine is more than ten years old at time of loss.
- Expediting costs, the lesser of £12,500 or 50 per cent of the claim (e.g. emergency temporary repairs).
- Periodic Finance Repayments for up to six months whilst the machinery is out of action (excluding first 14 days).
- Transit between customer’s UK premises (excluding transit by air or sea).
- Hire of alternative machinery for up to six months or 15 per cent insured value (excluding first 14 days), or additional cost of working for up to six months up to the lesser of ten per cent of the value of any claim or £10,000 (excluding first 14 days).
To be eligible for cover
- The age of the equipment must not exceed 10 years old 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 premises owned or occupied by the insured customer.
- The insured equipment cannot consist of any mobile agricultural or forestry 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, and other public houses, fast food takeaways, amusement parks, arcades, leisure centres, gymnasiums or any location where the general public can operate the insured equipment.
We also offer bespoke solutions for computers and portable electronic equipment. Please ask for more information.
KeyAsset Protection (PDF, opens in new window) - download the full brochure here
KeyAsset Protector Cover Summary (PDF, opens in new window) - download our key facts summary here
Lombard North Central Plc is an appointed representative of The Royal Bank of Scotland plc, which is authorised and regulated by the Financial Services Authority.
All products have been specially negotiated and arranged with HSB Engineering Insurance Limited who are the underwriters. HSB Engineering Insurance Limited is authorised and regulated by the Financial Services Authority.
HSB Engineering Insurance Limited are authorised and regulated by the Financial Services Authority with FSA registered number 202738 which can be checked by contacting the FSA via the website at www.fsa.gov.uk (opens in new window) or by phoning 0845 606 1234
Details of the Financial Ombudsman and Financial Services Compensation schemes, which may apply, are contained within the policy.
For further information please contact us on 0800 502 402.
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