Construction site equipment such as portable loos, hoardings and fencing are common hire items. When hiring these items a standard Hire Agreements is quickly pushed under our noses to sign. But wait a minute! Often these agreements are designed to insure the hiring company against loss but not an owner builder.
Hire Agreements are often complex documents with content layout and font sizes foreign to most humans. Moreover hire staff are known to hastily shift a Hire Agreement with ‘pen’ under the owner builder’s nose with little time to review the actual document. In nearly all cases these Hire Agreements provide adequate damage waiver, but not always loss or theft. This means damage to equipment may be included in a Hire Agreement but not loss or stolen goods.
Most owner builder insurance policies do not include Hire Equipment Insurance Cover.
Insurance is always about ‘detail’ and in particular ‘relevance specific to owner builder risks’. In other words, is the insurance policy designed and worded to meet owner builder real life and actual scenarios. Or, is it vague and generalises, leaving an owner builder exposed holding a piece of paper which has loop holes like Swiss Cheese?
In instances where goods, or hire equipment are held but not owned by an owner builder, proof of ownership may be difficult to prove thereby in the event they are stolen from building site an owner builder may not be able to prove loss any loss or damage. Ownership of goods requires legal ownership proof, and not necessarily contract or contractual ownership proof. In situations where burglary of goods occurs an owner builder may not necessarily be found legally liable for the loss.