22/11/2024
“All Risks” Insurance for portable medical equipment: A guide for ambulance services
Ambulance services are responsible for delivering emergency medical care and patient transport, and the equipment they carry plays a key role in providing effective treatment. While vehicle insurance covers the ambulance itself, it doesn’t extend to the valuable portable equipment inside. This is where "All Risks" Insurance becomes important.
In this article, we’ll explain what "All Risks" Insurance is, what it typically covers, what it doesn’t, and how it differs from Motor Insurance. We’ll also highlight some of the typical equipment ambulances carry and their costs, helping you understand the importance of having the right cover in place.
What is "All Risks" Insurance?
It is a policy that provides coverage for valuable tools, equipment and devices that are regularly moved and used away from a fixed location. It’s designed to protect against theft, accidental damage, or loss of equipment while in use or transit. For ambulance services, this insurance is an essential consideration, as the equipment you carry is not only expensive but also necessary for patient care.
Unlike standard business or vehicle insurance, "All Risks" Insurance focuses on the protection of the medical devices, communication tools and handling equipment used during patient transport. Without this cover, ambulance companies risk significant financial loss and potential operational disruption if equipment is damaged or stolen.
If an ambulance was involved in a devastating incident and caught fire, and your onboard equipment – worth approximately £70,000 – was damaged beyond use, how would you replace it? Unfortunately, if the equipment wasn’t insured, it could result in a substantial financial loss and operational difficulties.
What does "All Risks" Insurance cover?
For ambulance services, policies can be arranged to cover the following equipment:
Medical devices: Defibrillators, ventilators, patient monitors, infusion pumps and ECG machines.
Communication tools: Radios, tablets and other devices used for coordinating with dispatch.
Patient handling equipment: Stretchers, stair chairs, oxygen cylinders and trauma kits.
"All Risks" Insurance generally protects against theft and accidental damage. Some policies may also cover equipment while it is in storage or being transported between locations, such as hospitals or patient homes. It’s important to review policy terms to ensure cover is comprehensive and suits the specific needs of your ambulance service.
What’s not covered?
While policies are broad, they don’t cover everything. Common exclusions may include:
Wear and tear: General ageing or wear from regular use is not typically covered.
Negligence: Damage caused by improper use or lack of care.
High-risk environments: Some policies exclude cover if equipment is used in particularly dangerous circumstances unless previously agreed with the insurer.
It’s essential to carefully review the exclusions of any policy to ensure there are no gaps in cover that could leave your ambulance service exposed to risk.
What’s the difference between "All Risks" Insurance and Motor Insurance?
"All Risks" Insurance and Motor Insurance serve different purposes. As a result, your kit is unlikely to be covered by your vehicle policy.
Portable Equipment Insurance covers the medical equipment and tools that are transported in the ambulance or used during patient care. It protects items from theft, damage, or loss, whether they are inside the vehicle or being used on-site.
Motor Insurance covers the ambulance itself. It typically includes cover for road accidents, vehicle damage and liability but does not extend to the equipment inside the vehicle.
For ambulance services, it’s crucial to have both types of insurance to ensure full protection. Vehicle insurance alone won’t cover the high-value medical equipment that is essential to daily operations. Combining both policies ensures that both the vehicle and its contents are fully protected.
Typical equipment and its costs
Ambulances carry a wide range of medical equipment, each with significant value. Here’s a breakdown of typical items and their average costs:
- Defibrillators: up to £20,500 depending on model and features.
- Resuscitators: up to £3,000 depending on complexity and portability.
- ECG (Electrocardiogram) machines: up to £1,850.
- Suction units: up to £950
- Trauma kits: up to £1,000 (depending on contents)
(Source: medtree.co.uk, 2024)
Given the high costs of these items, even a single loss or damage incident can lead to substantial financial strain for your business. Portable equipment insurance offers peace of mind, ensuring that vital equipment can be replaced or repaired without disrupting ambulance services.
Choosing the right policy for your ambulance business
When selecting "All Risks" Insurance, it’s important to assess your equipment and its total value to ensure your kit is covered. You then need to make sure the policy limit matches the replacement value of your equipment before checking any exclusions and limitations to ensure you have full cover.
It’s often a good idea to consult with an insurance broker with experience arranging insurance for ambulance services. They can help tailor the policy to your needs, ensuring all essential equipment is covered and any gaps are addressed.
Need insurance protection for your ambulance company?
Give the friendly One Broker Ambulance team a call on 01603 218295 today to discuss your needs and arrange a quotation.
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