Accidental Loss Damage Waiver (ALDW)

Olympus Tool & Plant Hire have an Accidental Loss Damage Waiver (see full Terms and Conditions) for those customers who do not have Plant and Tool Hire insurance.  The cost is 15% (plus VAT) of the hire proportion of the cost. The table below illustrates the levels of cover.

 

VALUE OF EQUIPMENT HIREDDeposit (if required)Excess
Up to £1000£ 25£50
£1001 to £2500£ 50£100
£2501 to £5000£ 75£250
Over £5000£100£500
   

 

The maximum coverage given any one hire is £5,000.00 from ground up (including the excess) – the customer is responsible for the amount above this (you may seek traditional insurance).

 

Some examples:

 

  1. A breaker is hired for I day the economics are as follows:
    1. This falls into the category up to £1,000 (£50 excess)
    2. Hire Cost is £22.50 (before VAT and ALDW) – ALDW is 15% of £22.50 = £3.37 Total £25.37 (this is the cost of the hire and ALDW irrespective of any loss
    3. There is accidental damage where the item is written off – the customer only pays excess of £50.
  2. An Excavator with a value of £15,000 is hired for 1 day
    1. This falls into the category of Value excess of £5,000
    2. Hire Cost is £100 (before VAT and ALDW) – ALDW is 15% of £22.50 = £15 Total £115 (this is the cost of the hire and ALDW irrespective of any loss)
    3. There is Accidental Damage of repairs worth £7,000 – the customer pays the £500 excess and the amount excess of the £5,000 maximum Limit – £2,000 – customer pays £2,500 as opposed to the £7,000 loss amount.

 

Please note:

 

  1. Full Terms and Conditions
  2. The insurance is voluntary but recommended – please advise the sales at the point of sale whether you wish to opt-in or out
  3. Olympus reserves the right not to hire without the ALDW
  4. Olympus reserves the right not to offer the ALDW

 

It is not our practice to offer the ALDW with cross hire in plant and / or tools