Hiring out and stock insurance

[Chloemead]

Hi everyone, I'm looking for stock insurance for hiring out fashion (clothing and accessories) I'm waiting to see if one brokers can find a specialist quote, but otherwise the issue I'm facing is being able to insure the products while they're out on loan, most insurers will cover stock while they're in storage. Does anyone have any experience with insuring hire stock (when out of on loan) or any recommendations on insurers who could help, or has anyone worked with a similar business model and just added deposits to cover the stock instead?

 

[Socio South West]

I would be interested to see responses from within the Insurance industry, but if you are hiring out individual items the excess on any claim under a stock policy is going to be a significant percentage of the item's value - it looks a no brainer to me to go down the deposit route.
(note stock insurance as opposed to Public Liability Insurance which is a different beast altogether)

 

[Frank the Insurance guy]

@Chloemead

As an insurance broker I would be asking what do you want cover for - is it in case the stock is damaged whilst it is out on hire. If so, why is your customer not liable/responsible for the damage whilst hired to them?

Unfortunately, It will be very unlikely that cover will be available for your particular situation.

 

[DanteMosley]

In my opinion, it's a good idea to look for insurance companies that focus on event or entertainment businesses. They usually know more about insuring things that people borrow, so they might be more likely to give you the coverage you need. Also, working with a broker can be really helpful. They can create a special insurance plan just for you, which could include different types of insurance for when your items are in storage and when they're being borrowed by someone.