Rental Insurance Guide
Two types of insurance coverage needed on all rental customers:
- 1. General Liability Insurance – covers Stribling Equipment if someone should sue because of an incident occurring during the rental period.
- 2. Physical Damage Insurance – covers the costs of any damages to the machine while the customer has possession of the machine.
General Liability Insurance:
In accordance with the rental contract, customer is to maintain General Liability Insurance at all times during the rental agreement. Customer is to provide Stribling Equipment with an Insurance Certificate detailing coverages. Additionally, Stribling Equipment should be listed as an additional insured.
General Liability certificates are essentially a once a year process. Once the certificate is on file, the coverage for General Liability insurance will be in place for all rents.
General Liability Accord Insurance Certificate Example:
Physical Damage Insurance:
In accordance with the rental contract, the customer is required to maintain property damage insurance with Stribling Equipment named as the Loss Payee up to the value of the rented equipment. This can be with a policy purchased through Stribling Equipment or the customer must provide us with an Insurance certificate indicating sufficient coverage for the piece of equipment.
Physical damage insurance may be equipment specific or it may be blanket coverage. If a customer provides us with an insurance certificate that indicates “Blanket Coverage on all rented equipment”, we need only one certificate per year. This will not be common.
If a customer provides us with an insurance certificate that is specific to a piece of equipment, the customer must provide a new certificate for each piece of equipment rented (unless the certificate lists multiple pieces).