Frequently asked questions
Whether you've recently received a letter requesting details of insurance on your leased equipment, or you've been informed by your finance provider about the Acquis insurance programme and would like further information, we're here to help.
Here to help
If you’ve recently received a letter from us requesting details of your leased equipment insurance, then Acquis is working with your equipment finance provider to ensure their assets are protected according to the terms of the finance agreement. We’ve detailed some answers to questions we are frequently asked about our equipment protection programme below; if you can’t find the answers you are looking for here, please contact our customer services team on 08000 320 520 who will be able to help you with your enquiry.
Questions about our Single Interest programme
Why has my customer received a letter about insurance?
The equipment leased by your client is owned by the lessor until the end of the equipment finance agreement. It needs to be adequately protected to provide security to the lessor and peace of mind to both parties in the event of a loss. Acquis works on behalf of the lessor to ensure that financed equipment is protected: either under the customer’s insurance or by the lessor’s own insurance policy. The insurance letter is sent to the customer by Acquis on the lessor’s behalf in order to follow up on their contractual obligations to insure the leased equipment. The letter provides the customer with details regarding the additional charge due for covering the equipment under the lessor’s own policy, as well as our freephone number should they wish to provide details of their own insurance which is in place to protect the equipment.
Who and what is insured under the lessor’s insurance policy?
The lessor has arranged their own comprehensive insurance policy in order to provide protection for their financed equipment portfolio. The lessor is the policyholder and the sole insured party. Acquis provides a fully outsourced customer services and claims administration programme to the lessor, and liaises with the lessor’s insurer on the lessor’s behalf. The customer must notify Acquis – not the lessor - in the event of a claim so that Acquis can efficiently manage the administration of the claim on the lessor’s behalf.
Is the lessee obliged to accept the offer of having the equipment covered by the lessor’s own policy?
There is no obligation. Whilst it is mandatory under the terms of the finance agreement for the customer to ensure that the financed equipment is insured against loss or damage throughout the entire term of the agreement, it is not mandatory for the financed equipment to be protected under the lessor’s insurance policy. The customer can use their own insurance at any time during the finance agreement by providing the details of their policy to Acquis. The choice is entirely the customer’s.
Which is better value: my customer insuring the equipment themselves, or letting the lessor cover it?
Sometimes, it may be cheaper for a customer to add the financed equipment to an existing policy, such as an office contents policy. However, the coverage offered by insuring the equipment under the lessor’s policy has been specifically designed to meet the requirements of the finance agreement and it offers extremely comprehensive and high quality cover, including minimum exclusions and no excess.
What is the benefit of protecting the financed equipment under the lessor’s insurance policy?
For many lessees, allowing the lessor to protect the equipment offers a convenient alternative to adding the financed equipment to their own insurance. By insuring the equipment on their own business policy, a lessee may face having to pay excess or a premium rise in the event of a claim. The lessor's own insurance policy is a high quality insurance product with minimal exclusions. Typically this means no excess to pay, no minimum claim, and no premium rises following a loss. New-for-old cover is included, which is not capped to the insured value. And because the lessor is the sole insured party, factors such as customer location, building security and previous claims history are not taken into account when a loss occurs. The insurance product is backed by an efficient, paper-free claims service meaning that the lessor will usually be in a position to replace or repair the equipment quickly. Acquis aims to authorise the replacement of equipment within 48 hours, or sooner, if they have received the lessor’s authorisation and the supplier’s quotation.
What is the benefit to the dealer / supplier of having the equipment insured by the lessor?
Our specialist claims advisors will always approach the original dealer/supplier to repair or replace the financed equipment, rather than attempt to source the cheapest possible quotation. Acquis’ claims process therefore gives the original dealer/supplier an opportunity to make a new sale and/or potentially write a new deal at no additional sales expense. By ensuring that the financed equipment will be repaired or replaced quickly in the event of a loss, both the finance agreement and any existing maintenance agreements will not be disrupted. The full repair/replacement cost is paid within 24 hours of receipt of the invoice, once the equipment has been supplied. The streamlined replacement and repair process delivers customer satisfaction and enhances the relationship between the lessor, the lessee and the dealer/supplier.
What if the lessee has their own cover in place?
If the lessee already has adequate insurance in place to protect the financed equipment, then they simply need to ask their insurance broker or insurer to call Acquis on free-phone 08000 320 520 in order to verbally provide a few basic details about the lessee’s insurance arrangements. These details are logged in Acquis’ system and tracked throughout the duration of the finance agreement. Acquis will then cancel the insurance cover offered by the lessor’s own policy immediately. If details of the lessee’s insurance are provided to Acquis within 30 days of the letter sent by Acquis, then the lessee will not be charged. If the insurance details are provided after a charge has been made, then a refund of up to 200 days can be paid provided the lessee can evidence that their own insurance was in place for this period.
Why do I have to provide evidence of insurance and what information will be captured?
As you have entered into a lease agreement, the leasing company has the right to request evidence that the leased equipment is insured In the event that evidence is not provided, the leasing company has the right, but not the obligation, to put their own insurance in place to protect the asset. When evidencing your own insurance our insurance administrator will capture specific details of your insurance for example the insurance provider, policy number, level of cover, the excess to ensure the equipment is covered within the policy limits. A note of interest will also be requested to ensure in the event that your own insurance cover lapses or is cancelled, Acquis are notified to avoid the asset being uninsured at any time.
I have already insured the leased equipment on my business insurance policy, do I need to respond to your letter?
If you have already arranged appropriate insurance to protect the financed equipment, then you simply need to ask your insurance broker or insurer to call Acquis on free-phone 08000 320 520 to provide a few basic details about your insurance arrangements. On receipt of this confirmation that the asset is appropriately insured, we will cancel the lessor’s own insurance cover immediately. If details of the insurance are provided to Acquis within 30 days of the letter sent by Acquis, then you will not be charged. If the insurance details are provided after a charge has been made, then a refund of up to 200 days can be paid provided you can evidence that your own insurance was in place for this period.
A selection of clients we are currently working with
Experts to the Finance and Leasing Industry
The senior management team at Acquis has been successfully creating and delivering international insurance products for the finance and leasing industry for over 20 years. We work closely with our clients to achieve long-term success. We pride ourselves on meeting service standards of the highest level for both you and your customers.
Get in Touch
To learn more about protecting your leased assets and maximising the return from your financed equipment portfolio, call us today on +44 (0) 1633 811920, or complete the enquiry form.Contact