Please note:
Damage Waiver/Extended Dry Hire
The typical machinery insurance policy does not include damage waiver cover (extended dry hire) as a standard cover, however it can be added as an optional extra. Here is how it works:
No Damage Waiver Cover: (what happens if your client damages your machine?):
If your client (the person hiring the item) damages your item, they are now responsible for those damages. Usually in this case the insurer will pay for these damages but they will then attempt to recover their costs from your client as they were responsible. It is recommended that your client should have insurance in place for the item/s they are renting from you.
With Damage Waiver Cover: (what happens if you offer to insure the machine for your client):
If you include a Damage Waiver into your hire agreement and charge your client a fee for this, the insurer will not seek to recover any costs from your client if they cause damage to the item. However, it is important to note that this coverage typically comes with an extra premium and any claims may impact your claims history and premiums in the future.
This cover is an optional extra that needs to be added to your policy, therefore you must notify us immediately if required.
Note: If you can't upload a copy to this form please email a copy of your hire agreement to : cgib@cgib.com.au