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HIRE AND RENTAL NEWS • NOVEMBER 2016
INDUSTRY in FOCUS
Arthur J Gallagher has been the
insurance partner to the HRIA for more
than 20 years. AJG’s Hirepac insurance
product incorporates ‘Extended Dry Hire’
cover, which automatically covers loss
or damage to any equipment caused
by the hirer; meaning the end hirer is
comprehensively insured.
However, Joseph Siliga fromAJG’s
National Product Development team,
said not all insurance policies offer the
same cover and failure to understand
insurance policy wording and your
own hire contract (the agreement
signed by customers) could have major
consequences in the event of a claim.
“If plant or equipment is lost or damaged
while on hire, the insurer would
traditionally look to recover from the party
Not sure where damage waivers fit into your
insurance? Get a Hire Agreement review
Damage waivers have been in industry news lately and may be an area of uncertainty for
many hire and rental industry professionals. The HRIA endorsed insurance broker, Arthur
J Gallagher (AJG) is now urging members to consider a Hire Agreement review to ensure
insurance programs cover all bases.
who hired the equipment,” Joseph said.
“If your damage waivers are not
appropriately worded, the ‘Extended
Dry Hire’ cover in your policy may not
respond at claims time, simply because
it can restrict and override the cover
provided in your insurance policy.
That can mean insurers beginning
the recovery process with your client,
which is a situation most hire and rental
professionals would prefer to avoid.”
Joseph recommended seeking advice
from an insurance broker on Hire
Agreements to avoid being caught out.
“Insurance policies can be complicated
to understand, but it’s vital to know what
your insurer will do in the event of a
claim,” he said.
“Ask an experienced hire and rental
insurance broker to conduct a Hire
Agreement review. Although this takes a
little time and there is a cost attachment,
the benefit is it can take away a lot of
uncertainty around the damage waivers
process and provide peace of mind for
hire business owners and clients.
“Like most things in life, you get what
you pay for. Choosing insurance based
solely on price could mean your business
isn’t properly covered at claims time.”
Contact an AJG insurance broker on:
ACT/NSW: Mark Jones – 02 8838 5712;
QLD/NT: Rick Hyde – 07 3367 5021;
SA: Peter Moskaljuk – 08 8172 8078;
VIC/TAS: Arthur Bablas – 03 9412 1228;
WA: John Wholley – 08 6250 8318; or visit
www.ajg.com.au/hirepac
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