Insurance cover for loaned IT Equipment? Insurance cover for loaned IT Equipment?
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  1. #1

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    Question Insurance cover for loaned IT Equipment?

    My contract will soon require me to take responsibility for equipment owned by the customer. I'd welcome advice on how to insure this laptop, and accessories, against damage and loss while in my hands.

    I've found plenty of insurance to cover me for my essential equipment - but what if I need to use loaned equipment whilst on the road at various locations?

    Any advice would be most welcome.

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    What has the client said? Have they indicated you need the get the insurance or are you making an assumption?

    I've never heard of or seen a contractor having to insure client kit before.
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    I've never heard of it either.
    It's usually covered by the client's corporate insurance.
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    Quote Originally Posted by tonyjwheeler View Post
    Any advice would be most welcome.
    Make sure that the status and condition of the equipment is clearly documented and signed off on by both you and a client representative before accepting it. Failure to do so may result in all sorts of headaches, like this --> Paying the damage

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    You need to ring one the insurance companies who sell business equipment insurance. Although I’m not sure they’ll offer to insure someone else’s equipment.

    What exactly does the contract say? Do you have to have insurance? Or are you simply responsible for the costs of loss?
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    Insurable interest is going to be an issue here, in that you have none. If the client's equipment gets damaged, it's the client, not you that suffers the immediate financial loss, so I think this would have to be covered by the client's insurance in the first instance. Obviously, you would have the secondary costs of being charged by the client for this loss, but I can't think how you would go about obtaining insurance cover for this risk...

    Might be worth speaking to your Professional Indemnity insurer in the first instance, see if there is an extension/add-ons they can offer, but I think you'll likely have to self-insure this one....

    For the same reason, you'd struggle to insure car you don't own (unless owned by a close family relative).

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    Quote Originally Posted by fiisch View Post
    Insurable interest is going to be an issue here, in that you have none. If the client's equipment gets damaged, it's the client, not you that suffers the immediate financial loss, so I think this would have to be covered by the client's insurance in the first instance. Obviously, you would have the secondary costs of being charged by the client for this loss, but I can't think how you would go about obtaining insurance cover for this risk...

    Might be worth speaking to your Professional Indemnity insurer in the first instance, see if there is an extension/add-ons they can offer, but I think you'll likely have to self-insure this one....

    For the same reason, you'd struggle to insure car you don't own (unless owned by a close family relative).
    Doesn't professional indemnity/public liability insurance cover any damage you cause to third party equipment/people etc during the course of your daily duties?

    And so if client co tried to claim off you then you would claim of that.

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    Quote Originally Posted by original PM View Post
    Doesn't professional indemnity/public liability insurance cover any damage you cause to third party equipment/people etc during the course of your daily duties?

    And so if client co tried to claim off you then you would claim of that.
    Have you checked the wording in your PI/PL policies?
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    Quote Originally Posted by northernladuk View Post
    What has the client said? Have they indicated you need the get the insurance or are you making an assumption?

    I've never heard of or seen a contractor having to insure client kit before.
    I had a spell setting up servers at home and delivering them to site pre-configured. At the peak I had c.£20k worth of kit in the spare room, and it cost me about £60 to add cover for that lot* onto myco's policy. (I can't remember the insurer, but it was probably Direct Line). I covered the extra, rather than bill the client, as I thought it might be a good outside-IR35 pointer. (An employee wouldn't have to insure client kit he was working on away from client premises.)

    *The client didn't insist on insurance cover, but I didn't fancy anything unpleasant happening to several grands worth of kit which wouldn't have been covered otherwise.
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