Making sure you have the right cover in the event of a claim in very important. There are a number of coverage options you may wish to consider depending on your specific Food Truck / Van and we have created a table below highlighting each of these options for your consideration.
Commercial Motor Vehicle Insurance
This tailored policy has been structured to provide a high quality of cover for Mobile Food Vendors. The policy includes the following:
Vehicle cover is based on current market value or sum insured, whichever is the lessor.
Agreed value will be considered with a current vehicle valuation.
Accessories that are fitted and attached to the vehicle (i.e. ovens, fryers, refrigerators, freezers etc.) are included.
Accessory cover is based on current market value using 7.5% depreciation per year from the date of original manufacture.
Non-fitted accessories can be covered too but need to be submitted to underwriters for consideration.
Benefits automatically included:
New for Old Vehicle Replacement Conditions (Up to 24 months from registration)
Total Loss of Leased/Financed Vehicles Basis of Settlement is Market Value plus 25% (up to the Lease Payout Value at Date of Loss less any arrears)
No excess on windscreen replacement for vehicles less than 4.5 tonne GVM (1 per annum per vehicle)
Personal Property up to $3,000
Choice of Repairer
No Excess where 3rd party at fault has been identified
Recoding of Locks, Barrels; Replacement of Keys up to $5,000
Towing Costs up to $50,000
Emergency or Temporary Repairs up to $5,000
Transportation or Accommodation up to $2,500
Removal of Debris up to $50,000
Funeral Expenses up to $10,000
Liability up to $35m (covers your vehicle and any substitute vehicle).
Please refer to the Insurers Policy for terms and conditions.
Public and Products Liability
Most events, councils and land owners will not allow you to trade without having Public Liability in place to at least a $10,000,000 sum insured. As a result this policy is a mandatory requirement for Food Trucks.
Public and Products Liability is critical because it protects you against the financial risk of being found liable to a third party for death or injury, loss or damage of property resulting from your negligence in connection with your business. Whilst claims may not occur very often, they certainly can be very large claims at times.
Machinery Breakdown and Deterioration of Stock
Covers the mechanical or electrical breakdown of insured equipment, fridges, freezes, air conditioners and the like. It can be extended to include the associated loss of stock that may result from the breakdown.
Contents & Stock Insurance
Whilst your tailored Commercial Motor Vehicle policy will cover the FIXED equipment and accessories to the Food Truck it does not insure your Contents, Equipment and Stock whilst in your Food Truck or stored at your business premises or home office/store. You can cover these items as you require.
Covers cash at your property whilst held on the premises, in a safe or in transit. It can also include cover whilst held temporarily at your private residence.
Whilst Commercial Motor Vehicle, Public and Products Liability and Workers Compensation are the most critical insurance covers, Food Trucks still have other exposures that you can insure for.
The type of Food Truck you have and your personal circumstances may mean that you might need to consider other areas of cover. That’s why it’s important to obtain Professional Advice from a Broker.
Find out what AB Phillips can do for your business.