Hire Industry Insurance
We have been working to support Hire and Rental Industry Association Member insurances since 2002 and are the nationally endorsed broker for the Hire and Rental Industry Association.
As the preferred insurance provider of the HRIA, through our trading company Hire Insurance Brokers provide added value to HRIA members by leveraging expert industry knowledge, coupled with specialist insurance advice.
How Can We Help?
We assist in identifying the key exposures HRIA member businesses need to be aware of and provide a tailored response, backed by HRIA-backed Customer Service.
Key Insurance Exposures
Contractors’ plant and equipment
A diverse coverage, this policy provides cover for the specified and larger plant. This includes cranes (not every provider will provider cover for larger cranes), EWPs, telehandlers, trailers, traffic equipment, mobile cool rooms, large industrial air conditioning units (static equipment), vehicles and trucks.
Any mechanically propelled vehicle or stationary plant or equipment including their attachments/tools (all components that are specified in the purchase invoice of the equipment) should be included in the schedule.
Your policy can include key covers such as:
Theft by hirer
Dry and or wet hire if applicable
Damage waiver
Substitute hire costs
Flood
Coverage for vehicles and trucks within a fleet of equipment
Cross hire/sub hire
Theft in the open air
Transit cover
Windscreen replacement
Agreed value (where equipment is less than 2 years old)
Property Insurance
Equipment hire (smaller equipment) and party and event hire includes an extensive list of equipment available for hire, such as tables and chairs, marquees, dance floors, lighting decorations, tableware, portable toilets, hand held equipment, inflatables and furniture. Every general equipment hire and events hire business needs this cover.
We would recommend a policy that:
Has the ability to cover hire stock, Australia wide, whilst in transit, whilst at customer premises, or 3rd party storage locations, work sites etc, inclusive of fire and perils, full theft and flood coverage
Responds on the basis of your hire agreement. If your hire agreement does not include a waiver of subrogration (damage waiver) then your insurance policy follows the same line and will pursue the hirer for damages to equipment.
Some insurers have the capacity to provide Australia wide coverage however insurers that can offer Australia wide cover may not always be able to offer the additional coverages needed such as flood, transit, theft, or cross hire coverage.
Public and products liability
As the hire industry is so diverse, your insurer needs to have the capacity to cater to this. A hire company can hire anything from plant, vehicles, buses, scaffolding, mining equipment, equipment over water, airside, temporary emergency accommodation, party and events, staging, manufacturing , temporary commercial building hire and the list goes on.
On this basis its best to have your business activities listed in black and white. Dry Hire of equipment is a very broad business description which may or may not cover all activities connected with the business. By being clear with your business activities with your insurance provider you ensure you are adequately protected.
Management liability
Directors and officers of a business are more commonly being held to account personally when an injured party believes the directors and or staff have been negligent in their business operations.
Management Liability covers the Entity/owners for:
Employment practices
Fidelity
Occupational health and safety and defence costs
Cover for specific statutory fines and penalties (state dependent)
Cyber insurance
With digital advancement the exposure to claims connected to the cyber related losses can be significant.
Cyber insurance has the capacity to cover exposures relating to:
Hacker damage
Public relations
Cyber extortion/ransom
Breach of privacy
Conduit liability (passing viruses to clients via emails etc)
Forensic expenses
And a host of other exposures relating to your website and online sales.
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