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Rental equipment insurance covers loss, theft, or damage to rental equipment. It can be obtained through rental companies or insurance providers, but may not cover negligence or recklessness. It is important to review policies and compare prices to avoid excess insurance. Declining insurance may require signing a document accepting responsibility for loss, theft, and damage.
Rental equipment insurance is an insurance product that covers people in the event of loss, theft, or damage to rental equipment. Many equipment rental companies offer this as an added service with a rental, and people can also purchase it independently for their needs if they are concerned about damage liability. This insurance product is very common and people can obtain it through their regular insurance provider, or receive a referral to a partner company if an insurance company does not write policies for equipment rentals.
Rental equipment can be very expensive to replace, especially heavy machinery and equipment like boats. In the event of the rental equipment being lost or stolen, the rental equipment insurance will cover the cost of replacement, reimbursing the owner and leaving the policyholder out of pocket. This insurance may also cover repairs for damage associated with the rental of the equipment.
Equipment rental insurance generally does not cover negligence, recklessness, and related behavior. Persons who damage or destroy property because they do not exercise proper caution, such as not operating a motorboat at a safe speed, will not receive coverage. There may be other specific exclusions in a policy, such as a refusal to cover certain types of damage. People who purchase rental equipment insurance should review the policy to make sure they understand the scope and limitations of the coverage. This can prevent costly mistakes.
If insurance is available through a rental company, people will generally pay more for the convenience of having the company take care of the insurance. It may be cheaper to get a policy directly from an insurance company. Price conscious people can get quotes to see which option is the least expensive. It is also important to avoid excess insurance; For example, sometimes credit cards cover rentals, in which case equipment rental insurance may not be necessary for the customer.
When rental companies offer equipment rental insurance and people decline this option, the employee may ask the customer to sign a document stating that the person accepts responsibility for loss, theft, and damage. This document will be used in court if the customer later disputes the rental company’s charges, to prove that the customer was offered insurance and declined in full awareness of the potential consequences. It is advisable to review the document carefully for hidden surprises before signing.
Smart Asset.
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