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Equipment Insurance

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Frequently asked questions about equipment insurance

Equipment insurance is among the most sought-after policies for businesses in New Zealand. Given its importance, we’ve collated the most frequently asked questions to make your decision easier.

Equipment Insurance NZ Requirements and Coverages

What Are the Basic Coverage Options?

Most equipment insurance policies offer protection against damage, theft, and loss. This includes natural disasters like earthquakes and floods, accidental damages, vandalism, and more.

Are There Optional Coverages?

Yes, businesses can opt for business interruption coverage, which compensates for lost income if your equipment is damaged in an accident. 

Is Wear and Tear Covered?

Regular wear and tear aren’t usually covered. Insurance is meant for sudden and unforeseen events. Regular maintenance is crucial to extend the life of your equipment.

Does the Policy Cover Replacement Costs?

It depends. Some policies might offer actual cash value (depreciated value), while others can provide replacement cost coverage (buying new equipment). It’s vital to know the difference when buying a policy.

How to Buy Equipment Insurance with Gerrards

How Long Does it Take to Buy Equipment Through Us?

At Gerrards, we expedite the process. Expect multiple quotes from top insurers in 24 hours or less. Plus, we advise on coverage limits and best fits. Once decided, we’ll swiftly send you a certificate.

Equipment Insurance Certificate

This document is proof that you’re insured. It provides details about coverages, policy limits, and the effective period.

Industries We Cover

We’re versatile. Any industry you belong to, talk to us. We can cover it.

How Much Equipment Do I Need?

Unsure about the volume or value to insure? Reach out, and we’ll guide you.

Equipment insurance claims

Should you need to make a equipment insurance claim, Gerrards will guide you through the process. We handle communication with the insurance company on your behalf, advocating for you every step of the way.

Common Equipment Claims

Meet Lucy, who owns a bustling warehouse in Christchurch. One day, as shipments were coming in and out, a forklift driver misjudged a turn and collided with a stack of high-end electronics waiting to be dispatched. Screens shattered and boxes crumpled under the weight of the forklift. The damages were vast, and the electronics seemed beyond salvage. With the equipment insurance in place, Lucy was able to recover the losses and restock her inventory without draining her business’s funds.

Amelia, a passionate photographer, recently opened her own studio downtown. One morning, she walked into her studio to find the glass door shattered. Several of her high-end cameras and lenses, valued in the thousands, were missing. With her equipment insurance, she was reimbursed and could replace her stolen items swiftly.

Techlink Solutions, based on the coast of Wellington, had always been proud of their state-of-the-art server room. However, an unexpected flash flood hit the area, and their ground-floor server room was inundated. Thousands of dollars worth of tech equipment was compromised. Their equipment insurance policy, however, became a beacon of hope, covering the costs of replacement servers.

A café located in the heart of Auckland, was known for its cozy ambiance and freshly baked pastries. One evening, after closing time, a minor electrical fault led to a fire in the kitchen. By the time the fire brigade managed to control it, a significant portion of the kitchen appliances had been destroyed. The heart of the cafe was turned to ashes. But, with the cafe’s equipment insurance policy, the owner was able to rebuild and equip the kitchen, ensuring “Warm Delights” could once again serve its signature pastries to its loyal customers.

Equipment Insurance Policy Changes

What Happens If I Need to Change My Insurance Later?

Life changes, so does business. You can always update your policy to reflect your current needs.

What Happens If I Cancel My Equipment Policy?

Doing so leaves your business vulnerable. Without protection, any damage or loss comes directly out of your pocket.

Compare Equipment Insurance with Other Policies

Equipment Insurance vs Material Damage Insurance

Essentially, they are the same. Both focus on covering physical assets from damage or loss.

Equipment Insurance vs Tool Insurance

They are similar, but tool insurance is often more specific, focusing on smaller tools used in trades used anywhere in New Zealand.

Equipment Insurance vs Public Liability

Equipment insurance covers your physical assets, while public liability protects against claims made by third parties for injuries or damage to their property.

Do you have further questions about equipment insurance nz?

We hope this guide has shed light on the intricacies of equipment insurance in New Zealand. However, we understand that every business is unique, and you might still have questions specific to your situation. At Gerrards Insurance Brokers, we’re here to help. If you have any further queries about equipment insurance, or any other insurance need, please don’t hesitate to contact us. Our team of experienced professionals is always ready to provide personalised advice and solutions tailored to your business. 

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