Protecting the equipment you lease
The last thing we want is for anything to happen to the latest addition to your business. As owners of the equipment we require that it is insured and protected should the worst happen.
Why does the equipment needs protection?
Equipment Protection is arranged by grenke to protect our interest in the equipment we own. Whilst grenke is not an insurer or insurance intermediary, we will arrange for protection that will cover loss or damage to your leased equipment.
Alternatively, if you want to arrange your own insurance, you are free to do so. You just need to provide us with the required evidence within four weeks.
Your two options
Your equipment must be protected, but you can choose how this requirement is met.
Provide your own insurance
Already have business insurance for the equipment, or planning to arrange your own cover? Send us evidence of your cover within four weeks of your agreement starting.
Your evidence should be either your current insurance policy showing your company name, insurer, policy number and sufficient cover for the leased equipment, or confirmation from your insurer or broker detailing the cover and noting grenke's interest in the equipment.
Please don't cancel or allow any gap in cover while we review your evidence. Your leased equipment must remain insured throughout your agreement.
Equipment protection
If we don't receive the required evidence of your own insurance within four weeks, Equipment Protection will automatically commence and you'll be charged for it.
Equipment Protection is there to protect grenke's financial interest in the equipment for the period it is in place.
Equipment Protection charges
If Equipment Protection applies to your agreement, you'll receive a separate annual invoice.
For agreements beginning after 1 January, the initial charge may be pro-rated. Annual Equipment Protection invoices are then issued in December for the following period.
Equipment lost, stolen or damaged?
Tell us as soon as possible.
If something happens to the leased equipment, let us know and complete a Notification of Loss form so we have the information needed to review what has happened and explain the next steps.
| FAQs
Because grenke owns the leased equipment throughout your Hire Agreement. Your agreement therefore requires the equipment to be appropriately covered for any loss or damage.
Yes. You can arrange suitable insurance yourself. You'll need to send us the required evidence within four weeks of your agreement starting.
You can provide a copy of your current policy showing your company name, insurer, policy number and sufficient cover for the leased equipment.
Alternatively, your insurer or broker can provide confirmation of your cover which notes grenke's interest in the equipment.
If we don't receive the required evidence within four weeks, Equipment Protection will automatically commence and you'll be charged for it.
You've received the invoice because Equipment Protection applies to the equipment under your agreement. The charge is separate from your regular rentals.
If your agreement starts after 1 January, your first annual Equipment Protection charge may be pro-rated to cover the relevant part of the year.
grenke issues annual Equipment Protection invoices in December.
Yes. You'll need to arrange suitable insurance and provide the required evidence to grenke. Your equipment must remain appropriately protected throughout the change.
Tell us as soon as possible and complete a Notification of Loss form. We'll then explain what information or action is required.
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