I have a client with some low value tools of trade, vehicles and excavation equipment. Is it possible to insure these for 3rd party property and public liability with a blanket policy? He is trying to keep the premium low without being exposed.
Yes it is possible. The tools can be covered under a General Property policy. Depending on the value of individual tools, they will be automatically included in the policy. If there are specific tools that exceed a threshold (usually $3,000) they have to be noted on the policy, but will still be covered.
Public Liability is a separate policy. The usually recommended $20m of cover is pretty cheap, depending on turnover and what his key tasks involve.
Happy to assist with any further questions.
I agree with Charles with regards to the general property cover for tools but the excavation equipment requires more complex cover than just public liability.
Everyone in the world wishes to keep their insurance premiums low but appropriate cover with regards to the excavation equipment or more accurately, mobile plant, should be put in place as third party public/product liability comprises of only one cover available that should be considered with such equipment.
I have put many mobile plant policies in place and am also happy to assist.
Combining tools of trade, vehicle and excavation equipment is something that should be looked at.
The vehicles and excavation equipment can most likely be done for third party property damage only - it may depend on the type of excavation equipment but most can be done for third party property damage.
With the tools of trade, if they are low value they may decide not to insure them but the best cover for them is to cover them under a portable policy (which could be the same policy that the vehicles and equipment is on but not necessarily depending on competitiveness of price) - a portable policy covers the tools for fire, theft and accidental damage anywhere in Australia.
Hope that helps.