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Asset Insurance Program

Supplier: Medfin Finance Australia

Most leases, chattel mortgages and hire purchase agreements require the lessee to take out asset insurance to cover the finance company’s risks such as theft or damage for the full replacement value of the equipment and any relevant fit out costs.

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Asset Insurance Program

Policy exclusions

The policy does not cover the following equipment types:

  • Equipment that is waterborne
  • Aircraft or watercraft
  • Automobiles and any self-propelled vehicles or machines primarily designed and licensed for road use
  • Those used in mining, logging, oil or gas explorations or processing
  • Underground equipment

The policy does not cover losses caused by the following:

  • Perils which are not specifically listed
  • Loss of market, transit delay, obsolescence, business interruption or any other consequential/indirect cause of loss
  • Mechanical or electrical breakdown
  • Error or omission or deficiency in material design
  • Processing operations of computer equipment
  • Shortage or disappearance of insured financed equipment that is found after taking inventory
  • Dishonest or criminal acts by shareholders, directors, trustees or partners
  • Military or government action
  • Nuclear radiation
  • The release, discharge or dispersal of contaminants or pollutants
  • Liability claims for bodily injury or property damage suffered by third parties

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