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Primarily the comments below are directed at Contractors, Logging and Mining Equipment.
We have in-house facilities and facultative capabilities for this class, for both named perils and all risks.
The basic information required is as set out in the attached questionnaire which is normally adequate for us to obtain terms. Generally, the more portable the equipment the greater the rate. Our market is particularly interested in the age of equipment as well as the kind of work performed.
Where the equipment is owned, the amount of the outstanding mortgage is important. Underwriters are happier where the Assured carries a substantial interest e.g. 25% or more.
Where equipment is rented from a rental company we need to know about the length of the lease and the period of the job. We can also consider Contingent Leased Equipment Policies for rental companies who lease equipment with or without an operator but require that the lessee maintain full all risks insurance on all such property. A separate wording and proposal form for this class is used. We will furnish copies upon request.
There are, of course, circumstances where extra underwriting information may be sought, such as equipment used whilst afloat, or on hazardous terrain. Please give full details of these situations to enable Underwriters assess the risk.
With regard to Logging risks, the age of the equipment is very important. Anything older than about 10 years and alarm bells ring. It is most unusual for Logging equipment to be considered where it is 15 years old or more. Water tanks and/or extinguishers may be required per Underwriters specifications.
If your agent knows the Assured and writes other business for him, please make sure you let us know.
CONTACT
GEORGE FRANKLIN: gfranklin@harmankemp.com
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Classes of Business
Click the links below to learn more about our capabilities in respect of individual classes of business and to download application forms and policy wordings.