When you choose to lease assets for your organisation, the finance provider (or lender) retains ownership of the assets throughout the agreement. In the case of Hire Purchase, the lender retains ownership until the final payment has been made.
If your assets become damaged or are stolen during your agreement, the finance provider may be at risk of financial losses, and you may be liable to cover those losses.
To alleviate these risks, your finance provider requires you to take out insurance on the financed assets.
At Bluestone we offer all our clients a simple and comprehensive solution: AssetSecure.
AssetSecure is a Business Asset Protection Insurance product available to all UK business that use asset finance to purchase assets for their business.
Businesses have the choice of taking the insurance cover as part of the asset finance process as an alternative to the mandatory insurance cover put in place by the funders after the finance agreement is activated.
This product enables UK organisations to benefit from buying a comprehensive insurance policy, while at the same time ensuring that the assets they have financed are protected by a reputable insurer, Axis Specialty Europe SE.
This insurance is designed to protect you if equipment you have financed suffers accidental damage, fire damage, malicious damage, power surge, smoke damage, storm damage or water damage. It also provides cover if your equipment is stolen.
It is important to note that AssetSecure insurance does not cover accidental loss of your equipment.
Once your finance agreement has been secured, we will send you further information about AssetSecure, including the price, and giving you the option to apply for the AssetSecure insurance.
If you choose to protect your assets using AssetSecure, you can choose whether to pay the annual insurance premium by invoice or pay by monthly Direct Debit at no extra cost.
If you do not wish to take out a policy with AssetSecure, you don’t need to do anything. You only need to contact us if you wish to apply.
You can choose to arrange your own insurance with another provider. However, if you choose this option, you will need to provide us with your insurance policy schedule evidencing that your financed equipment is insured for material damage (fire damage, flood damage, smoke damage, water damage, storm damage, accidental damage, malicious damage, accidental damage, and theft). Your insurance and its excesses and limitations need to be suitable and appropriate for the needs of the finance agreement.
If you do not arrange any insurance, your finance provider will add their own choice of insurance product to your agreement.
Yes, insurance is mandatory. The terms of your finance agreement will stipulate that appropriate insurance needs to be in place for the duration of your finance agreement that protects the finance provider’s interest in the equipment. If you do not arrange your own insurance, the finance provider will do this for you.
If you need to contact us regarding your AssetSecure insurance policy, you should contact Specialty Risks who administer the AssetSecure insurance policy. You can do this:
The insurance administrator will write to your finance provider and advise them that their interest in your equipment is no longer protected. Under the terms of your finance agreement, the finance provider will then be entitled to add their asset protection charge to your finance agreement payment.
The AssetSecure insurance product is introduced by Bluestone Leasing Limited and arranged and administered by Specialty Risks Limited, trading as AssetSecure. Specialty Risks Limited acts as the agent of the insurer, AXIS Specialty Europe SE. Claims are handled by Gallagher Bassett Technical on behalf of AXIS Specialty Europe SE.
Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
Yes, insurance is mandatory. The terms of your finance agreement will stipulate that appropriate insurance needs to be in place for the duration of your finance agreement that protects the finance provider’s interest in the equipment. If you do not arrange your own insurance, the finance provider will do this for you.
If you need to contact us regarding your AssetSecure insurance policy, you should contact Specialty Risks who administer the AssetSecure insurance policy. You can do this:
The insurance administrator will write to your finance provider and advise them that their interest in your equipment is no longer protected. Under the terms of your finance agreement, the finance provider will then be entitled to add their asset protection charge to your finance agreement payment.
If you do not wish to take out a policy with AssetSecure, you don’t need to do anything. You only need to contact us if you wish to apply.
You can choose to arrange your own insurance with another provider. However, if you choose this option, you will need to provide us with your insurance policy schedule evidencing that your financed equipment is insured for material damage (fire damage, flood damage, smoke damage, water damage, storm damage, accidental damage, malicious damage, accidental damage, and theft). Your insurance and its excesses and limitations need to be suitable and appropriate for the needs of the finance agreement.
If you do not arrange any insurance, your finance provider will add their own choice of insurance product to your agreement.
We know finance can be complex and often it's easier to talk things through. Drop us a message or give us a call 0330 135 8660 and we'll get back to you ASAP.
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