ASK & DISCUSS INDEX

12 years, 12 months ago - Vasco de Sousa

Sounds like the insurance companies don't understand you, or aren't listening. It seems many of the other people who lend out equipment put insurance in their prices, so it should be possible.

Perhaps it'll help if you reword your questions to them. Say you want to lend equipment for a fee, set up a camera rental or editing suite rental business. Don't give any extra details about it being your equipment or you being a filmmaker just yet.

It could go something like "I'm starting up an (your offered item) for hire business, and I need insurance quotes. How much would it cost to insure my equipment when loaning it to customers?"

One company that may help is http://www.imaginginsurance.co.uk/ No, I haven't used them, but another company that lends out equipment apparently does.

12 years, 12 months ago - Andrew Johnstone

I expect any blanket cover that you are going to get from an insurer for this kind of activity is going to be expensive. Some kit hire places that I have used in the past insist that I show proof of my own insurance before they let me use their kit. Certainly when i have hired kit from mates, I have added their stuff to my insurance policy for the duration of the hire period.

Having to provide your own insurance as the client is/was quite common and it is a model that you could look into. The benefit of this approach is that it will most likely put off the cowboys. Otherwise, if you're providing insurance, some people might be less than careful with you kit. If they are covering the insurance, then they may be less inclined to mistreat the gear.

Whatever you do, I'd be sure to take a decent size deposit from people before they walk off with the kit.

12 years, 12 months ago - Mark Brindle

Hi siobhan, we hire out out kit and need hirers to have thier own insurance. We point them to an online insurer who does a blanket £xx per week for £xx of hired in kit. Like £50 for £10k of gear per week. All professionals have insurance. Its cheap enough to add on hired in cover to a olicy covering your own kit and public liability cover on an annual basis. Students tend to be covered by the university policy or just budget fir the extra. Someone doing a one-off hire will think twice and some will go elsewhere. Our insurers can provide the cover for us but cost is too high.

We do occasionally take deposits, but full value deposits which most people struggle to cover on a card. Our card payment provider charge 3.5% on credit cards that's not refunded after refunding deposit so its usually actually cheaper to get insurance!

So your not really missing out by not providing insurance cover and as Andrew says you avoid the cowboys and time wasters that way too.

Regards
Mark

12 years, 12 months ago - Jamie Kennerley

I was insured to rent out my kit with Towergate, who also insisted that whoever rents it from me has their own insurance to cover their hire from you. Your being covered to rent out is a failsafe in case the person renting from you either has faked their own insurance and nicks your kit (which happened to me) or if their insurance fails to pay out if they need to claim.
Take it from me, be careful when renting your kit out. I had £13,000 worth of kit stolen from me by someone who had provided a very believable story, ID, insurance and £200 deposit. Even £500 deposit wouldn't stop someone stealing that amount of kit. This was by a Shooting People member also - he's served time inside, but was recently on SP again, renting out his own kit (which was likely stolen!) until I pointed it out to SP.
To come back to the point - I was insured for this with Towergate, who believed that I'd taken all reasonable steps to check that this guy was genuine before I rented to him, so they paid out. But other SP members lost their kit because they weren't covered for fraudulent hire. Basically, it's about looking after yourself before facilitating the rental of your kit for other filmmakers.

Best,

Jamie

12 years, 12 months ago - Jamie Kennerley

I was insured to rent out my kit with Towergate, who also insisted that whoever rents it from me has their own insurance to cover their hire from you. Your being covered to rent out is a failsafe in case the person renting from you either has faked their own insurance and nicks your kit (which happened to me) or if their insurance fails to pay out if they need to claim.
Take it from me, be careful when renting your kit out. I had £13,000 worth of kit stolen from me by someone who had provided a very believable story, ID, insurance and £200 deposit. Even £500 deposit wouldn't stop someone stealing that amount of kit. This was by a Shooting People member also - he's served time inside, but was recently on SP again, renting out his own kit (which was likely stolen!) until I pointed it out to SP.
To come back to the point - I was insured for this with Towergate, who believed that I'd taken all reasonable steps to check that this guy was genuine before I rented to him, so they paid out. But other SP members lost their kit because they weren't covered for fraudulent hire. Basically, it's about looking after yourself before facilitating the rental of your kit for other filmmakers.

Best,

Jamie

12 years, 12 months ago - Jamie Kennerley

I was insured to rent out my kit with Towergate, who also insisted that whoever rents it from me has their own insurance to cover their hire from you. Your being covered to rent out is a failsafe in case the person renting from you either has faked their own insurance and nicks your kit (which happened to me) or if their insurance fails to pay out if they need to claim.
Take it from me, be careful when renting your kit out. I had £13,000 worth of kit stolen from me by someone who had provided a very believable story, ID, insurance and £200 deposit. Even £500 deposit wouldn't stop someone stealing that amount of kit. This was by a Shooting People member also - he's served time inside, but was recently on SP again, renting out his own kit (which was likely stolen!) until I pointed it out to SP.
To come back to the point - I was insured for this with Towergate, who believed that I'd taken all reasonable steps to check that this guy was genuine before I rented to him, so they paid out. But other SP members lost their kit because they weren't covered for fraudulent hire. Basically, it's about looking after yourself before facilitating the rental of your kit for other filmmakers.

Best,

Jamie