Finance Solutions > Equipment Insurance

Medfin Equipment Insurance


Most finance agreements require you to take out insurance for the full replacement value of the equipment and any relevant fitout costs to cover risks such as theft or damage. You may of course arrange your own insurance if you wish.

The good news is that Medfin may be able to assist you in meeting this obligation for equipment we finance – via the Medfin Equipment Insurance Program.

Medfin has available insurance cover for the equipment and for contract works (draw down facility) against theft, fire and accidental damage under fire and non-fire master policies with AIG Australia Limited. Protecsure Pty Ltd administers the Program on behalf of Medfin.

What is covered?

The cover has been put in place to protect Medfin’s interests in the assets. Medfin equipment insurance covers direct physical loss or damage to the financed equipment from:

  • Burglary
  • Theft
  • Fire
  • Lightning
  • Flood/water damage
  • Accidental damage
  • Power surge

Full details of the terms and conditions of the cover are contained in the Policy Document.


Cover & features Medfin Insurance
Excess payable on claims $0
Geographical coverage Australia-wide
Burglary cover (Forcible & violent entry) Yes, no sublimit
Covers theft Yes, no sublimit
Covers accidental damage Yes
Forcible entry to vehicle Yes
Loss in transit Yes
Claims history required No (unless contract >$750k)
General claims turnaround time 48 hours
Fixed rate period Up to 7 years
Maximum claim limit applies Standard

Benefits of the insurance

Fast replacement – So you can get on with the important task of running your business. Protecsure’s aim is to approve claims within 48 hours, provided relevant information is available.

No excess – There is no excess. Approved claims above the following minimum claim amounts are paid in full

  • $200 – standard equipment contract
  • $750 – during the contract works period

Maximum claim limits apply under the master policy for loss from any one occurrence to all equipment covered under the policy. See Policy Document for Limits of Cover.

Australia-wide coverage – The policy covers the financed equipment when located anywhere within Australia and its Territories.

Insurance charge set for finance term, other than for Draw Down Facility finance –

  • For Asset Finance Agreements, the insurance charge is paid in equal instalments over the finance term and is added to your current repayments. The charge is fixed to a maximum of 7 years provided the status of your finance does not change.
  • For Draw Down Facility finance, payments are made during the contract works period (up to a maximum 12 months period). The charge is calculated on the balance drawn from your Draw Down Facility each month.

How to Claim

If your insured equipment is lost or damaged, simply contact, Protecsure, on the number below and provide a statement regarding the loss or damage. If possible have your finance agreement number at hand.

Claims number: 1300 362 206

Losses will generally be settled by Protecsure as follows:

  • Replacement of the financed equipment with similar kind and quality equipment at the time of loss, with no deduction for depreciation, or
  • Repair of the equipment, if appropriate.

Period of cover

Start of cover

The cover begins on the later of the two dates below:

  • The date the finance agreement is executed, or
  • The date the equipment is delivered to you, or
  • The date your contract works begin.

End of cover

Your cover ceases at the earlier of the following:

  • The end of the primary finance term, or
  • Date of early termination of the finance (if applicable), or
  • The date when you provide evidence of other sufficient insurance covering the financed equipment.

If you have a Medfin Draw Down Facility, the cover ceases at the earlier of the following:

  • Twelve months after the date of commencement of the contract works, or
  • At the completion date of the contract works, or
  • At the conversion of the Draw Down Facility to an Asset Finance Agreement.

Should the contract works extend beyond 12 months, we may be able to extend the contract works period subject to acceptance by AIG.


The insurance is underwritten by AIG Australia Limited ABN 93 004 727 753 (AFSL 381686) of Level 19, 2 Park Street, Sydney, NSW, 2000. Protecsure Pty Ltd ABN 26 094 997 163 (AFSL: 238819) (Protecsure) administers the Financed Asset Insurance Program on behalf of Medfin.

Policy exclusions

The policy does not cover all equipment types.

Key exclusions include:

  • 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:

  • 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, specifications or workmanship
  • 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, partners or representatives
  • Military or government action
  • Terrorism
  • Nuclear reaction, radiation
  • The release, discharge or dispersal of contaminants or pollutants
  • Inappropriate use, repair or modification
  • IT communications malfunction, data corruption or loss

Further information

If you require further information about Medfin’s Asset Insurance Program, please contact

Protecsure Pty Ltd
Level 2, 171 Clarence Street,
Sydney NSW 2000.
Tel: 1300 362 206 Fax: 02 8580 6269

It’s easy – take the next step

Phone your local Medfin Relationship Manager on 1300 361 122.

Read about Medfin’s insurance policy wording.