Borrowing Dry Hire Equipment and Insurance

Borrowing dry hire equipment is a highly lucrative business in today’s world. People now have many options available to them to borrow dry hire equipment. Dry hire equipment can be any form of equipment that can be borrowed for a price. Dry hire simply means that only the equipment is being borrowed. There is no agreement that operators of the equipment be supplied as well.

Businesses that borrow dry hire equipment need a viable means to protect their investment in their equipment. Insurance provides the needed protection. Insurance reduces the possibility of financial loss stemming from several issues while equipment is borrowed.

Insurance for dry hire equipment can be either broad or extremely specific. If your business makes the choice of broad coverage, then many areas of insurance coverage will be provided. You can be insured against loss from damage to the equipment, theft of the equipment and/or even depreciation of the equipment. While it is true that broader insurance coverage usually cost more than more streamlined coverage, businesses can take advantage of several packaging discounts that would cost more if purchased individually.

Assumption of risk is an individual business decision. Some businesses are willing to retain more risk to their property than other businesses. As stated earlier, you can choose to be very specific about what you want your insurance to cover with dry hire equipment. You make choose to only cover loss caused by theft. Possibly you will only want to cover damage caused during the borrow of the dry hire equipment. You would probably not want to cover depreciation as this coverage is extremely expensive because depreciation will be a fact of normal usage and time and really cannot be avoided.

When choosing the right insurance coverage for dry hire equipment, determine the scope of the coverage you desire. Consider the price of the insurance coverage to make sure the price fits within your budget. Wise choices in insurance coverage will protect your investment in your equipment and the entire dry hire process.

When it comes to dry hiring heavy machinery, Ryno Hire is a well known Australian-based company. If you want to find out more about insurance and borrowing heavy equipment, contact us!