Putting you first

(Lease/Rental/Contract Hire/HP Agreements)

If your Agreement is a lease, rental, contract hire or hire purchase agreement, we would like to draw your attention to the “Insurance” clause of your Agreement and, if applicable, your obligation to insure the Goods and provide us with evidence of such insurance.

If you do not insure the Goods as required by your Agreement or provide evidence of such insurance when requested, we reserve the right to initiate our Asset Protection Product in respect of your Agreement to ensure that the Goods are protected against loss, theft, destruction or damage. If our Asset Protection Product is initiated, we will add the Goods onto our own insurance policy with our insurers and charge you an Asset Protection Charge, which includes the cost to us of insuring the Goods, an administration fee, profit and VAT, if applicable. The Asset Protection Charge will automatically be added to your periodic payments (rental) under the Agreement and will be collected at the same time.

Our Asset Protection Product is designed to protect the Goods against risk of loss, theft, destruction and damage, but does not cover third party liability, for which you will remain responsible.  Our Asset Protection Product is not an insurance policy and does not create an insurance contract between you and us or our insurers.

We will write to you with details of how you can provide evidence of your insurance and a copy of our Asset Protection Product brochure, which sets out the terms of our Asset Protection Product, should this be initiated for your Agreement, including a summary of the protection service and details of how to report a loss. The letter will also include a written quotation of the Asset Protection Charge that would be payable by you for our Asset Protection Product. You should then have all the information you need to make a fully informed decision.