HOW DO I MAKE INSURANCE CLAIMS ON FINANCED EQUIPMENT?
Dimitri Mavromatis, 30 March 2017
Making insurance claims on financed equipment? With Cyclone Debbie lashing Queensland recently, it’s timely to discuss insurance claims when an asset is under finance.
Dimitri Mavromatis, SER’s Team Leader-Collections, Systems Development & Administration, outlines the process. All clients are required to insure the equipment under their company’s business insurance in the event that the equipment is lost, stolen or damaged in any way.
If equipment is damaged, the insurance company can do one of two things:
1. Payout the contract
2. Replace the goods with similar equipment
In the event of your asset being lost, stolen, or damaged:
To ensure our clients avoid any further heartache, the process below outlines how to file an insurance claim on your contracts with S.E. Rentals and how to best deal with insurance claims on financed equipment.
1. Please contact S.E. Rentals on (02) 9882-8000 or email email@example.com to request a payout. Please provide the company name and a reference number if available.
2.SER will request and provide a payout figure to the vendor who supplied the equipment.
3. The vendor will then provide this payout to you along with a copy of your agreement to process your claim with the Insurer.
4. At this stage the insurer will advise you if they will payout your finance contract or if they will replace the equipment.
5. If the insurer is paying out your finance contract, S.E. Rentals will provide a tax invoice made out to the insurance company to finalise the contract.
6. You are then able to finance a new machine with your vendor and start a new agreement.
7. If the insurer is only willing to replace the goods, you can contact the vendor who will quote on a similar model machine and this will be paid for by the insurer. This new equipment then replaces the current asset on the finance agreement for the remaining term.
Above all SER is here to help you and your customers through difficult times. If we can help in any way please call us on 02 9882 8000.
Team Leader-Collections, Systems Development & Administration, S.E. Rentals
S.E. Rentals are the finance as a service specialists that will help you grow your business by providing finance solutions in an 'all things technology' future. We provide you with the flexibility, scalability and agility to help you achieve your Managed Service objectives, and our unique in-house software platform automates the process for you with a One Bill Solution - your bill - your document - your branding.