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Laid Up Declaration

Laid Up Cover


TLC Insurance Covid-194

PARKING UP MACHINES?

For those clients who have been forced to park up their machine/s due to the Covid-19 situation, TLC Insurance provides an option on Mobile Plant policies, called the LAID UP extension. 

This extension means your client receives a meaningful reduction in premium reflecting the fact that the machine is not being used for an extended period of time.  

To be eligible for a LAID UP discount, there is a minimum laid up period of 30 consecutive days.  There are two options as outlined below for your consideration.
 

GOING BACK TO WORK?

If you have laid-up machines over the past few weeks or changed your insurance cover in any way, it is imperative that you review those decisions and notify us before machines are used.  If there are any changes to be made BEFORE machines are put back into operation, please contact our underwriting team immediately (make sure you attach the completed laid up declaration previously provided that includes the end dates and end hours).
 
 


OPTION A – Premium discount at end of LAID UP period
 
STEP 1 - Client completes a laid up declaration at commencement of LAID UP period
STEP 2 - TLC Insurance notes the machine/s on the Mobile Plant schedule as ‘Laid Up’
STEP 3 - Client completes declaration when machine/s is either sold, returns to work or the policy is renewed (whichever of these occurs first)
STEP 4 - 25% premium discount is applied (pro rata) for the period concerned at the conclusion of the laid up period.
 
OPTION B – NO COVER whilst machine/s being used
 
STEP 1 - Client completes a laid up declaration at commencement of LAID UP period
STEP 2 - TLC Insurance notes the machine/s on the Mobile Plant schedule as ‘Laid Up’
STEP 3 - TLC Insurance calculates a reduced Laid Up rate and provides an immediate prorata credit. 
STEP 4 - When machine/s returns to work, client is invoiced for full cover.
 
IMPORTANT TO KNOW -
 
OPTION B – COVER IS RESTRICTED – NO COVER WHILST MACHINE BEING USED.
It is important that the client is aware of this and is instructed to inform you immediately should they be planning to return the machine/s to work. Your client must advise us when machine/s back in use otherwise NO COVER.

For the purpose of this extension, the term ‘Laid Up’ shall be deemed to describe the condition whereby an Insured item is out of operation for an extended period of time while being stored in a safe and secure environment. It shall not be considered a breach of this extension should any item be used in an incidental manner such as loading or unloading from a transporter or while being operated during routine servicing. We will require as much detail as possible around the security measures that are in place for all of the machinery.
 

To notify us of machine/s that are LAID UP, please use the form below and advise us which Option your client requires. 

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