Hiring from Paragon

From 1st January 2023 we will be insisting on our customers having hired in plant insurance should they wish to hire plant and machinery from us.

This is to ensure peace of mind for both you and us with regards to the security of the equipment whilst out on hire.

Some of you have already sent across to us a copy of your insurance details, but there are many account customers who are yet to do so at this point. There also appears to be a bit of confusion with regards to what insurance is required. We have received a lot of public liability policies, and tradesman polices, but some of these do not support the cover of hired in plant or machinery.

Your policy will need to stipulate that plant and machinery hired into you is covered against loss/theft and damage. We would recommend ensuring that the insured amount per any one item is a minimum of £50,000. This will ensure you have a sufficient level of cover.

For those customers who choose not to have their own hired in plant insurance policy, we will now be offering a product called HireSecure. HireSecure ensures you are protected against theft, loss and damage of the plant or machinery hired from us during the full length of the hire.

The premium for this damage/loss waiver is currently 15% of the total hire charge +vat. If we don’t have a current and valid copy of your hired in plant policy, this HireSecure charge will be automatically applied to hire contracts for main plant.
From 1st January 2023 we will no longer be able to hire main plant out to anybody without either your own Hired in Plant insurance or a HireSecure agreement in place.

If you are unsure whether you have the correct hired in plant insurance, we would suggest speaking to your insurers or broker to discuss, as adding to your existing policy will almost certainly be a more cost effective approach.

Could you please send us your up to date policy across for our records asap, either by post, by hand or by email to info@paragontoolhire.com