Insurance
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Insurance & Plant Theft
Introduction
The CPA is a Trade Association and does not offer any form of insurance cover to companies or individuals.
The CPA does work closely with a number of established brokers who can assist individuals or companies with any issue concerning insurance. Their respective contact details are in the 'List of Brokers' section below.
The Insurance Act 2015
You can download an article from a CPA Member - Towergate Insurance - which outlines changes to the way companies arrange commercial insurance with their brokers. The Act was introduced in 2015, but came into effect on the 12th August 2016.
List of Insurance Brokers
A list of insurance brokers, who have an extensive knowledge of the Construction Industry, can be downloaded.
Subrogation Waiver Forms
With the introduction of the Financial Services and Markets Act (2000) (FSMA) in 2002, any company which offers insurance cover to customers must be registered with the Financial Conduct Authority (FCA). Companies must complete the registration form and submit a registration fee. The legislation requires companies and individuals to annually renew their registration and submit a renewal fee, should they wish to offer this service in subsequent years.
The CPA with the assistance of CMS Cameron McKenna, a top-10 city law firm, together with two CPA Corporate Members - Oval Insurance Broking Ltd (now part of Arthur J Gallagher) and Senior Wright Insurance Services Ltd (now part of Towergate Insurance) - devised a Subrogation Waiver Form, which eliminates the payment of any registration or renewal fees to the FCA.
The Subrogation Waiver Forms are used when a customer wishes to hire a piece of plant or equipment, but does not have the necessary insurance cover.
The Subrogation Waiver Forms allows plant owners to offer customers - for a fee - an interest in the plant owner's insurance policy, so that the customer is covered for any loss or damage to the plant or equipment during the Hire Period.(The Consumer Waiver Forms are used when hiring out plant and equipment to Home Owners.)
If the plant or equipment is damaged during the Hire Period, then the plant owner's insurance policy will settle the plant owner's claim but will not pursue the customer for the loss.
Plant owners must obtain their insurance provider's prior agreement before offering this service to customers.
Plant Finance
JCB Finance Ltd
Mr Nigel Greenaway
The Mill
High Street
Rocester
Uttoxeter
Staffordshire
ST14 5JW
Tel. 01889 590800
Fax. 01889 594140
nigel.greenaway@jcb-finance.co.uk
If you have a query regarding Insurance, then please get in touch.
