WHY ARE YOU ASKING FOR PROOF OF INSURANCE?

You are renting equipment from us, which means it will be in your physical and legal control for a set period of time; and since this equipment is our asset temporarily in your control, we want to know that you have the correct kind and amount of 'financial security' to protect our interest in the rented equipment and it use.

Proof of in-force Property & Liability Insurance coverage provides us with a minimum amount of 'financial security' that you can replace the rented equipment because it is damaged or stolen and/or defend us should your use of the equipment cause someone to claim damages.  

WHY ARE YOU ASKING FOR PROOF OF BOTH PROPERTY & LIABILITY INSURANCE?

First, we want to know that you have a type of property insurance that will replace our equipment should you damage, destroy, or lose our equipment while in your possession. This specific type of insurance is usually referred to as 'Inland Marine' or 'Mobile Equipment' coverage.

Second, we want to know that if a 3rd Party were to claim that they have been hurt or damaged by you while using our equipment that you have a Liability Insurer who will defend both you and us against such a claim. 

WHAT SHOULD THIS TYPE OF INSURANCE COVERAGE COST ME? 

There is typically a flat charge to specifically list equipment on your business Property /Inland Marine insurance policy. The 'rate' charged by most Insurance Companies typically range from $.50 per $100 of replacement value up to $1.00 per $100 of replacement value.

Many Property and/or Inland Marine policies provide 'automatic' coverage for 'equipment of others in your care, custody or control' and then the policy sets a 'Limit' for this specific coverage. If that limit is greater than the sum total of the equipment you are renting from us then there should be no new or additional charge to you.

We would still need you to provide 'Proof' of this insurance coverage by having your agent issuing a certificate that clearly states the amount of this 'automatic' coverage. 

IF I PUT THE FULL REPLACEMENT VALUE OF THE RENTED EQUIPMENT AS A DEPOSIT ON MY CREDIT CARD or IN CASH, WHY DO YOU STILL NEED THE PROOF OF INSURANCE CERTIFICATE(S)? 

A 'deposit' on your credit card is sometimes made part of our Rental transaction. However, such a 'deposit' does not provide and/or replace the financial security provided by the Insurance Companies' promise to 'defend' and 'indemnify' us as a lessor of the equipment to you. Nor does it provide the financial security that you can or will hold us harmless against "claims, losses, expenses" which arise as a result from your use of our rented equipment date and upon receipt of all applicable rental fees.

The rental customer is responsible for any and all costs related to damage, loss or theft of rental equipment while in their possession. The security/damage deposit may be applied to these costs. Any excess deposit will be refunded after the reparation costs have been determined.