Financed Equipment Protection Programme – Introducer FAQs

Financed Equipment Protection Programme – Introducer FAQs
Document Name, Version
Financed Equipment Protection
Programme – Introducer FAQs
Integra House, Vaughan Court,
Newport, NP10 8BD
+44 (0) 1633 811 920
[email protected]
Financed Equipment Protection Programme – Introducer FAQs
FREQUENTLY ASKED QUESTIONS & ANSWERS FOR DEALERS ............................................................. 3
SUMMARY OF BENEFITS ............................................................................................................. 5
Lessee/Hirer Benefits .............................................................................................................. 5
Introducer Benefits ................................................................................................................. 5
@Copyright Acquis Insurance Management
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Financed Equipment Protection Programme – Introducer FAQs
1 Frequently Asked Questions & Answers for Introducers
Question: Why is a letter sent to the lessee/hirer offering Aldermore’s asset protection service?
Response: Aldermore own the lease/rented/HP asset until the agreement is completed and therefore want
to ensure it is protected against all risks, fire and theft. The lessee/hirer has signed a lease/rental/HP
agreement containing an insurance clause which allows Aldermore to follow up and to verify that the
lessee/hirer has adequate cover in place which would cover the leased/rented/HP asset. If the lessee/hirer
fails to provide their own insurance details then Aldermore are entitled to include the asset on their own
insurance policy.
Question: What is the asset protection service?
Response: If a lessee/hirer fails to provide evidence that they have insured the leased/rented/HP asset then
Aldermore has the right to protect the leased/rented/HP asset under their own policy from Hiscox Insurance.
Aldermore offer this as a service provision to the lessee/hirer. The lessee/hirer is not insured under
Aldermore’s policy and if a loss or damage occurs to the equipment the lessee/hirer must report the loss so
that Aldermore can make a claim under their own policy.
Question: Does the lessee/hirer have to take the Aldermore asset protection service?
Response: No. The letter that is sent advises the lessee/hirer that it is not obligatory to take the Aldermore
service. The choice is the lessee/hirer’s and it is easy to cancel the asset protection by instructing their
insurance company/broker to call Aldermore’s insurance administrator, Acquis Insurance Management
Limited, on a freephone number and verbally confirm the asset will be included on the lessee/hirer’s own
insurance policy.
Question: What does the lessee/hirer need to do to cancel this asset protection service?
Response: If the lessee/hirer already has their own insurance then they simply need to ask their insurance
broker or insurance company to call our insurance administrator Acquis Insurance Management Limited on
08000 320 520 to provide a few basic details (e.g. name of insurer, policy number, effective date of policy,
confirmation that equipment is insured for theft and all risks and a note of interest in Aldermore’s name is
added to the policy). Acquis will cancel the Aldermore service immediately. If these details are received within
30 days of the letter being sent then no asset protection charge is made. If the customer provides their own
insurance details after being charged then a refund of up to 200 days can be given. In certain circumstances
the lessee/hirer can also be given a full refund to preserve good relations even if they have had the Aldermore
service for over 200 days.
Question: What does the Aldermore asset protection service cover?
Response: In summary, the leased/rented/HP asset is covered against accidental damage, burglary, theft
and employee theft, robbery, fire and smoke damage, water damage, flood, sprinkler leakage, vandalism,
wind, lightning, power surge, electrical disturbances, falling objects and riot and civil commotion. No excess
will apply in case of a loss.
@Copyright Acquis Insurance Management
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Financed Equipment Protection Programme – Introducer FAQs
Question: What happens if a lessee/hirer does not wish to receive further letters regarding the Aldermore
asset protection service?
Response: Aldermore will with best endeavours exclude a customer from the process which will prevent a
lessee/hirer from receiving a letter regarding the Aldermore service. Please note that a slight change to the
lessee/hirer’s details might not guarantee this 100%.
Question: Is the Aldermore Asset Protection product good value for money?
Response: Sometimes, it might be cheaper for the lessee/hirer to add the leased/rented/HP asset to an
existing office contents policy. However, the Aldermore asset protection service is extremely comprehensive
and has features such as no excess and a unique and fast claims service. The Aldermore protection is activated
from the start of the lease/rental/HP agreement and is fixed for the whole duration of the agreement even in
the event of a claim. There is also no individual insurance underwriting so factors such as customer location,
building security and previous claims history are not taken into account.
Question: Aren’t the lessees/hirers already insured and therefore do not need this product?
Response: If a lessee/hirer already has insurance then that is fine and it is easy to provide details to Acquis
to ensure they are not charged for the asset protection. However, our experience shows that historically 40%
of customers keep the protection in place throughout the lease term. The protection service contains no
excess, there is no individual insurance underwriting and the product is backed up by an excellent claims
service. A lessee/hirer may have a high excess on their own insurance policy meaning that they are effectively
self-insuring the leased/rented/HP asset or they may have already exhausted the sum insured on their own
contents policy. For many lessee/hirers this makes it an attractive alternative to adding the leased asset to
their own insurance policy.
Question: How is the lessee/hirer benefiting from the Aldermore asset protection service?
Response: They are getting an excellent protection service backed up by a fast streamlined claims service.
Acquis aim to authorise the replacement of equipment within 48 hours or even quicker if we have received
Aldermore’s authorisation and the supplier quotation. The service offers new for old cover which is not capped
to the insured value. There is no excess and the protection charge will not change after a loss.
Question: What benefits are there for the Introducer?
Response: Acquis’s claims department will always ask the original Introducer to repair/replace the asset
rather than try to find the cheapest quote and this will give the Introducer an opportunity for a new sale
and/or potentially writing a new deal at the Manufacturers Suggested Retail Price (MSRP) without any
additional sales expense. As the asset will be repaired/replaced quickly, the lease/rental maintenance
agreement will not be affected. The full repair/replacement cost is paid within 24 hours of receiving the
invoice. The quick claims process enhances the relationship and customer satisfaction experience between the
lessee/hirer and the dealer/Introducer.
Question: What do I do if a lessee/hirer calls me about the asset protection service?
Response: Please direct the lessee/hirer to Acquis on 08000 320 520 and they will answer any questions
regarding the service.
@Copyright Acquis Insurance Management
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Financed Equipment Protection Programme – Introducer FAQs
2 Summary of Benefits
2.1 Lessee/hirer Benefits
Extremely comprehensive cover
No excess to pay
Paperwork free claims service
Fast repair/replacement service in case of loss or damage to the asset
Protection in place from lease/rental/HP agreement start date (even before the insurance letter is sent)
Fixed asset protection charge for duration of lease/rental/HP agreement even in the event of a claim
No insurance underwriting so location, previous claims history, security requirements not taken into account
Continues lessee/hirer’s relationship with the Introducer and Aldermore
2.2 Introducer Benefits
Additional sales/new business opportunity with limited additional sales expense
Acquis pay repair/replacement quote with no expectation of discount
Full payment made within 24 hours of invoice being received
Lease/rental maintenance agreements continues
Ensures continued good relationship with lessee/hirer and Aldermore
Integra House, Vaughan Court,
Newport, NP10 8BD
+44 (0) 1633 811 920
[email protected]
@Copyright Acquis Insurance Management
Page 5
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