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Qualifying Industries
HMIS Heavy Motor & Machinery Insurance
- Optional Benefits Available
- Claims Procedures
Liability Insurance (Public & Products)
- Indemnity Limits
- Significant Features and Benefits
Protection against Fines and Penalties
- What is covered by the policy?
- Obtaining Quotations
Financial Protection against Bad Debts
- Third Party Assessment of New Accounts & Debtors
- Credit Insurance as a Growth Tool
The Tax Auditors are coming - make sure you protect your business
- Affordable cover and easy to obtain
Steel Pacific Insurance Brokers have for many years specialised in developing low cost solutions for owners and operators of plant and machinery and our growing national client base bears testament to our success.
Unlike underwriting agencies and insurance brokers operating under agency agreements with insurance companies, Steel Pacific Insurance Brokers is an intermediary acting impartially and independently on behalf of you, the insurance buyer.
Through our brand, HMIS, we are proud to offer great plant, machinery, motor and liability insurances backed by the world’s largest insurance organisations.
HMIS provides broad, claims responsive and competitively priced policies tailored to the needs of contractors working in the mining, haulage, earthworks and civil engineering industries.
The range of insurance products which should be part of your insurance programme includes;
- Heavy Motor and Machinery
- Broadform Liability (Public and Products)
- Statutory Liability (Fines and Penalties)
- Trade Credit (Insolvency of Debtors)
- Tax Probe (Investigation and Audit Costs)
HMIS enables you to control your insurance costs, so before your current policies expire, please contact us for a quotation.
You’ll be glad you did.
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Qualifying Industries
HMIS has packages for operators and owners of heavy motor, plant and machinery. The packages suit businesses operating in the following industry segments;
- Construction
- Earthmoving
- Heavy haulage
- Infrastructure Services
- Mining and Resources Sectors
- Quarry, Screening and Roadmaking
HMIS products can cover any unit, fixed or mobile, which can be set up for use as a tool of trade, whether registered or not, and attachments whether they are fixed to the unit or not.
The typical types of plant and machinery include;
Asphalt Mixers
Backhoes
Barge Mounted Equipment
Bobcats
Bulldozers
Compactors
Concrete Batching Plants
Concrete Pumpers/Agitators
Conveyor Systems
Compressors
Draglines
Dump Trucks
Earthmoving Equipment
Electrical Generators and Transformers
Elevating Work Platforms
Excavators
Face Shovels
Farm Machinery/Harvesters
-fitted with Fire Suppression Kits
Flat Tops |
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Fork Lifts
Grabs
Graders
Gravel Processing Plants
Hammers
Lifting Equipment
Lighting Towers
Loaders
Mining Equipment
Mobile Drilling Machinery
Prime Movers
Pulverisers
Road-Surfacers
Rollers
Service Trucks
Skid Steer Loaders
Suspended Access Equipment
Screening and Crushing systems
Tipping Truck and Trailers
Trenchers
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HMIS Heavy Motor & Machinery Insurance
A heavy motor vehicle, plant and machinery insurance cover designed for owners
and operators in the earthmoving, mining and civil contracting industries.
The widespread rationalisation which swept Australia during the late 80’s and again in the mid 90’s resulted in changes to the distribution patterns of heavy motor fleet and plant insurance products.
Rationalisation resulted in a proliferation of underwriting agencies and more recently, following the collapse of HIH, a concentration of market dominance by a limited number of insurers.
Steel Pacific Insurance Brokers identified a need for real alternatives and in October 2005 established HMIS.
What does the policy cover?
Australia wide coverage for loss or damage arising from:
- Accidental damage
- Theft
- Fire
- Hail, flood, storm, earthquake damage and malicious damage
and third party liability (excluding any statutory liability) arising from the use of registered vehicles, trailers, plant and machinery.
Material Damage "Own Damage"
Market Value or Sum Insured whichever the lesser amount up to a maximum of $10,000,000 any one machine
Road Risk "Third Party Property Damage"
$30,000,000 any one accident (for registered items only) and $250,000 for Dangerous Goods
Standard Features and Benefits available
- No Co-insurance or Average Clause (no penalty for under insurance)
- No radius restrictions – Australia wide cover
- No age or inexperienced excesses applicable to plant and machinery operators
- Agreed value, cash settlement for total losses within first 2 years of registration/compliance for Heavy Motor, Mobile Machinery and Passenger Vehicles
- Automatic Additions up to $300,000
- Unlimited Towing Costs following an accident or theft
- Return of repaired unit to job site - up to $3,000
- Death of driver resulting in payment of up to $50,000 to next of kin
- Compulsory Third Party "CTP" Gap (Supplementary Bodily Injury)
- Retrieval Costs $30,000 to recover immobilised unit where there is no damage ($1,000 excess)
- Wet and Dry Hire
- Hired In Vehicles cover up to $100,000 (limit can be increased if necessary)
...Plus many more.
Optional Benefits Available
Windscreen Replacement free of excess (sedans, 4WD’s or utilities only)
Financial Lease Payout Protection. This is an important benefit, not readily available. Cover for the gap between market value and the finance company’s payout figure. Unlike competitors’ policies which impose limits ranging from 7.50% to 75%, HMIS pays to the full extent of your financial obligation.
Claims Procedures
All claims are to be reported to Steel Pacific Insurance Brokers and followed up with a completed HMIS Heavy Vehicle Claim Form.
The insurer has committed to a 24 hour turnaround on assessments.
Choice of own repairer, following an accident. Only one repair quote is required following an accident.
Repair Authority allowing you to arrange for repairs up to $5,000 provided you submit a claim form and supporting invoices within one month of the date of accident.
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Liability Insurance (Public and Products)
An insurance policy developed to insure most legal liabilities of plant owners and
operators working in the earthmoving, mining and civil contracting industries.
Indemnity Limits
Coverage up to $50m is available and $10m is the recommended minimum.
Significant Features and Benefits
- A Broadform occurrence wording
- Completed works cover
- Personal injuries cover as opposed to bodily injury
- Tool of Trade liability for registered or unregistered items
- Worker to Worker
- Fire, Flood or Explosion
- Goods in Physical and Legal Control
- Vibration, Removal or Weakening of Supports
- Unrestricted damage to underground services
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Protection against Fines and Penalties
Have you considered your vulnerability to fines and penalties imposed by breaches of Acts of Parliament?
Did you know you could be held responsible not only for your own actions but also for those of others?
Your Company, its directors, principals, partners and employees may incur a fine for the unauthorised or irresponsible actions of its contractors, agents or other directors, partners or employees.
WorkCover Authorities in all states are showing an increasing willingness to prosecute directors, managers and other employees in addition to the Company itself.
Until recently, insurance against fines and penalties was unavailable as it was viewed to be "against public policy".
What is covered by the policy?
Protection is now available in the form of Statutory Liability and the policy covers;
- Fines
- Costs and expenses to defend the imposition of a fine
- All acts administered by Commonwealth, State and Local Governments
We hold numerous examples of recent Workplace Fines and prosecutions for environmental offences, which can be provided to you on request.
Obtaining Quotations
Steel Pacific Insurance Brokers strongly recommends you consider this protection as part of your insurance programme and we would be pleased to discuss any aspect of this insurance.
To obtain a quotation, please fully complete and return the Statutory Liability insurance Proposal form together with a copy of your current Workcover certificate or notice.
We will then contact you and discuss the options available.
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Financial Protection against Bad Debts
Companies which fail to protect their outstanding invoices could be left exposed if debtors suddenly collapse leaving large unpaid accounts. Most companies accept the prudence of protecting tangible assets such as plant, machinery, vehicles, office furnishings, stock and goods, but many fail to protect themselves against the effects of bad debts.
The impact of bad debts can be extreme. As an example, for a company working on a profit margin of 10 per cent on its goods, the loss of a $10,000 profit through bad debts meant it must make $100,000 in sales just to recover the status quo.
Outstanding invoices often represent the largest asset of a company and deserve to be protected. It is often difficult to tell when a debtor is about to crash. Most who experience bad debts say the debtor they have been most concerned about because of slow payment or market-place rumour is the debtor most likely to stay in business.
A common complaint is that the first signs of problems come through an announcement in the newspapers or on the television news that a debtor has collapsed.
Third Party Assessment of New Accounts and Debtors
Companies could use the best mercantile references to satisfy themselves of the solvency of a new account, but it is difficult to monitor a debtor’s ongoing stability.
Trade Credit Insurance offers financial protection in the event of a crash and also provides third-party assessment of a debtor. This is particularly valuable when taking on new debtors and provides some peace of mind that an ongoing review process was being undertaken on behalf of the insured company.
Credit Insurance as a Growth Tool
Financial institutions will accept secured trade debtors as collateral, allowing businesses to expand their own credit facilities. A credit insurance policy, in this instance, becomes a financial tool to secure finance.
Insurance against non-payment of bad debts can be an effective part of prudent debtor management and may even save a business.
Transferring some of the risk to a credit insurer is a means of minimising debt failure.
Credit insurance enhances existing credit control mechanisms and provides an invaluable source of information on the credit worthiness of potential new customers and also credit worthiness of existing customers.
Steel Pacific Insurance Brokers can tailor a policy to suit your budget and specific requirements. To obtain a quotation, simply complete and return the Quick Quote Questionnaire. On receipt of this we will then inform you of the options available.
It is a means to make more accurate cash flow forecasts.
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The Tax Auditors are coming - make sure you protect your business.
The Australian Taxation office is getting tough on business. They aim to raise another $300 million a year through tax audits by targeting small to medium size businesses – just like yours. That means more frequent, disruptive and costly tax audits. Costly? Yes, because even if your business’s tax affairs are in order, you still have to pay your accountant for the ‘privilege’ of satisfying the ATO’s auditors.
But now there’s a possible solution. And it could save you literally thousands of dollars.
Tax Probe Insurance is specifically designed to cover professional costs incurred during an audit of your business’s financial or tax affairs by the Australian Taxation Office, or by a Commonwealth, State or Territory, Body or Agency.
Still think you can get away without proper cover? Think again. According to BRW accountants, KPMG have said:
"It is inevitable…….that at some time your business will be faced with the prospect of a tax audit. Statistically, every taxpayer (on average) will be audited at least once every four years. That is a stated tax office objective."
Affordable cover and easy to obtain
Tax Probe Insurance provides cover of up to $100,000 to take care of fees you would have to pay to your accountant or tax agent for a very affordable premium (you should also speak to your accountant about the possibility of claiming a tax deduction for the premium).
To apply for cover, simply contact your nearest Steel Pacific Insurance Brokers office and we will advise you through the process.
Remember, if you are not absolutely satisfied with Tax Probe Insurance, simply cancel the policy within 14 days of receiving it and we will refund your premium in full.
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