What we do not do
- No leasing or hire purchase
- No financing advice
- No brokerage or application
Financing machinery: we refer you on
We insure; we do not provide finance and do not act as intermediaries for it either. Here you can read which forms exist, what to look out for, and which cover goes with a financed machine.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
This page in another language: Nederlands
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
Please note: borrowing money costs money. With a machine too, finance costs interest and fees. For consumer credit the annual percentage rate (APR) brings those together in one comparable figure. For business leasing or credit that is not compulsory. So never compare on the instalment, but on the the total costs over the whole term.
Finass Verzekert holds an AFM licence for non-life insurance. Credit and leasing fall under a different licence category: we do not provide finance, do not advise on it and do not act as intermediaries for it. You arrange that with a bank or a leasing company.
What we do arrange is the insurance of the machine itself. With financial lease you become the legal owner and insure the machine on your own policy; with operating lease the lessor remains the owner and the cover is often arranged in the contract. In both cases the financier wants to be named on the policy as interested party.
Insurance never stands alone
A mortgage, loan or investment often touches your insurance too. We look at the bigger picture and point you to the right specialist whenever something falls outside insurance itself.
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OverviewPhoto coming soon
AdvicePhoto coming soon
Who does what?
How the roles are divided between our firm and the party financing the machine.
What to look out for
The points that determine the price and the risk.
- Total costs over the term
- Term versus useful life
- Balloon payment and transfer of ownership
What we do provide
The cover that goes with a financed machine.
- Machinery breakdown and plant
- Business interruption during downtime
- Transport, installation and liability
What is covered
| Situation | At Finass Verzekert | With the licensed provider |
|---|---|---|
| Advice on leasing, hire purchase or credit | No | Yes |
| Credit assessment and security | No | Yes |
| Setting the balloon payment and residual value | No | Yes |
| Machinery breakdown or plant and machinery insurance | Yes | No |
| Business interruption after a covered machinery loss | Yes | No |
| The financier as an interested party on the policy | Yes | No |
What is actually covered, including exclusions and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart).
What to look out for when comparing
- Total costs: over the whole term, on an annual basis
- Term and final instalment: and who becomes the owner
- Security: pledge, retention of title, guarantee
- Early repayment: penalty-free or with a charge
- Insurance requirement: which cover the contract requires
- Maintenance contract: often a condition of cover
This overview is general in nature and is not personal advice.
How it works
- You choose a financier or lessor yourselfThat party assesses your application and draws up the contract.
- You add up all the costsInstalments, commission, balloon payment and the cost of early termination.
- You check the insurance requirementWhich cover the contract requires and who counts as interested party.
- We arrange the insuranceMachinery breakdown, business interruption, transport and liability.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Where things go wrong in practice
Four points that determine whether you are up and running again quickly after a breakdown.
Do not let the term exceed the useful life
A longer term lowers the instalment, but you are then still paying off a machine that is already written off technically or economically. Set the term against the expected service life and residual value, and with leasing note the balloon payment: that determines whether you become the owner at the end and at what price. Also ask what happens on early termination.
Machinery breakdown does not cover everything that breaks
Machinery breakdown insurance covers sudden and unforeseen damage to the machine itself. Normally excluded are wear, corrosion and gradual ageing, damage caused by deferred maintenance or operating errors that count as deliberate or reckless (Article 7:952 of the Dutch Civil Code), and costs covered by the supplier's guarantee. Software and settings are often excluded as well.
Downtime costs more than the repair
The largest loss usually lies not in the component but in the production standstill. Business interruption insurance only pays that where there is covered material damage and within an agreed indemnity period. An interruption caused by a supply problem, a breakdown without physical damage or a cyber incident is not included without separate cover. Work out the period you need from your lead time for a replacement.
Report use, location and changes
Insurers assess a machine on use, location and security. If you move it to another site, take it to project locations or hire it out to third parties, report that. The duty of disclosure is set out in Article 7:928 of the Dutch Civil Code; a breach can reduce the payout or cause it to lapse (Article 7:930 of the Dutch Civil Code). Report a loss in good time, as Article 7:941 of the Dutch Civil Code requires.
Frequently asked questions
This is what people ask us most.
Does Finass Verzekert arrange the finance for my machine?
No. Our AFM licence covers general insurance; credit and leasing fall under a different category. We do not provide finance, do not advise on it and do not act as intermediaries for it. We do arrange the machinery breakdown, plant and machinery and business interruption insurance your financier or leasing company requires.
Who insures the machine under a lease?
That depends on the form. With a finance lease you become the legal owner and insure the machine yourself, with the lessor as interested party on the policy. With an operating lease the lessor remains the owner and cover is often included in the contract. Read it through: insuring twice costs money, a gap in cover costs more.
Does machinery breakdown insurance also cover downtime?
Not automatically. Machinery breakdown pays for repairing or replacing the machine. The loss of turnover through downtime falls under business interruption insurance, and only where covered physical damage lies behind it. Choose the indemnity period on the basis of your real lead time for a replacement, not on the standard period.
Does an APR or a BKR check apply to business leasing?
A compulsory annual percentage rate of charge applies to consumer credit, not to business leasing. A BKR registration usually only follows where you sign or give a guarantee in a private capacity, or with a sole trader. Ask about both points in writing: without an APR you have to add up all the costs over the term yourself to be able to compare proposals.
Every situation is different. For these situations we have a separate page.
- Finance: we refer you onThe main page
- Business finance: we refer you onNote: borrowing money costs money, APR, security
- Financing commercial property: we refer you onNote: borrowing money costs money, security, declaring letting
- Business services: financing and insurancePlease note: borrowing money costs money, cash flow, professional indemnity
- A business loan as a self-employed professional: we refer you onNote: borrowing money costs money, private and business, BKR
- Financing commercial property: we refer you onPlease note: borrowing money costs money, The lender requires insurance, Disclose letting
- Business credit: we refer you onPlease note: borrowing money costs money, Security, Total cost of credit
- Working capital: we refer you onNote: borrowing money costs money, costs on an annual basis, security
- Property finance and your insuranceNo finance advice, insuring the security, referral
Read more
Machine ordered, cover not yet arranged?
We check what your lease contract requires and how much downtime you can afford.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.