Laid Up Declaration / Cover
Going back to work?
If you have laid-up machines over the past few weeks or changed your insurance cover in any way, it is imperative that you review those decisions and notify us before machines are used. If there are any changes to be made BEFORE machines are put back into operation, please contact our underwriting team immediately (make sure you attach the completed laid up declaration previously provided that includes the end dates and end hours).
Parking up machines?
For those clients who have parked up their machine/s, TLC Insurance provides an option on Mobile Plant policies, called the LAID UP extension. This extension means your client receives a meaningful reduction in premium reflecting the fact that the machine is not being used for an extended period of time. To be eligible for a LAID UP discount, there is a minimum laid up period of 30 consecutive days.
There are two options as outlined below for your consideration.
OPTION A – Premium discount at end of LAID UP period
STEP 1 – Client completes a laid up declaration at commencement of LAID UP period
STEP 2 – TLC Insurance notes the machine/s on the Mobile Plant schedule as ‘Laid Up’
STEP 3 – Client completes declaration when machine/s is either sold, returns to work or the policy is renewed (whichever of these occurs first)
STEP 4 – 25% premium discount is applied (pro rata) for the period concerned at the conclusion of the laid up period.
OPTION B – NO COVER whilst machine/s being used
STEP 1 – Client completes a laid up declaration at commencement of LAID UP period
STEP 2 – TLC Insurance notes the machine/s on the Mobile Plant schedule as ‘Laid Up’
STEP 3 – TLC Insurance calculates a reduced Laid Up rate and provides an immediate prorata credit
STEP 4 – When machine/s returns to work, client is invoiced for full cover
Important to know
OPTION B – COVER IS RESTRICTED – NO COVER WHILST MACHINE BEING USED.
It is important that the client is aware of this and is instructed to inform you immediately should they be planning to return the machine/s to work. Your client must advise us when machine/s back in use otherwise NO COVER.
For the purpose of this extension, the term ‘Laid Up’ shall be deemed to describe the condition whereby an Insured item is out of operation for an extended period of time while being stored in a safe and secure environment. It shall not be considered a breach of this extension should any item be used in an incidental manner such as loading or unloading from a transporter or while being operated during routine servicing. We will require as much detail as possible around the security measures that are in place for all of the machinery.
To notify us of machine/s that are LAID UP, please download and fill out the form below and advise us which Option your client requires.
HEAD OFFICE
127 Second Avenue, Tauranga 3110
PO Box 7006, Tauranga 3148
Phone. +64 7 544 6686
Freephone. 0800 TLC INS (0800 852 467)
Email. info@tlcinsurance.co.nz
