Rental Proof of Insurance FAQs
DO I NEED INSURANCE TO RENT?
No, we do not require insurance unless the value of the gear you will be renting is over $10,000. If you do secure insurance coverage or have a policy in place, we ask that you provide us with a copy of the insurance certificate prior to picking up your rental.
WHY MIGHT I WANT INSURANCE?
You are renting equipment from us, which means items will be in your physical and legal control for a set period of time. Since this equipment is our asset that will be temporarily in your control, insurance coverage of the correct kind and for the proper amount protects our interest in the rented equipment as well as your financial liability in the event the equipment is damaged, lost or stolen.
HOW MUCH DOES 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.
IF I PUT THE FULL REPLACEMENT VALUE OF THE RENTED EQUIPMENT AS A DEPOSIT ON MY CREDIT CARD/DEBIT CARD, WHY WOULD I ALSO WANT INSURANCE COVERAGE?
A 'deposit' on your credit or debit card is a required part of every rental transaction. Having insurance coverage when renting gear is highly beneficial because it protects you from unexpected costs in the event of accidental damage, theft, or loss of the equipment.
IF THE GEAR I'VE RENTED IS DAMAGED, LOST OR STOLEN WHAT HAPPENS TO MY DEPOSIT?
As a renter, you are responsible for any and all costs related to damage, loss or theft of rental equipment while it is in your possession. The security/damage deposit may be applied to these costs. Any excess deposit will be refunded after the reparation costs have been determined.