2008Legal / Business Practices forum
Understanding equipment insurance coverage and exclusions for rental situations
18 years old. Gear and prices may have changed since.
What the thread found
- Equipment insurance typically covers gear while the insured person is present and operating it, including equipment stored on vehicles at work sites.
- The 'care and control' limitation in standard equipment policies applies specifically to gear rented out to others without the owner present as the operator.
- Separately rented equipment requires its own dedicated insurance policy and is not covered under a standard equipment owner policy.
- A lower coverage limit on rented equipment can be offset by requiring the renter to provide a Certificate of Insurance that includes rented equipment coverage.
- Switching insurance providers can result in significant premium reductions while improving coverage in other areas such as general liability.
Depends on
- The specific policy terms and coverage amounts vary by insurance provider.
- The explanation of 'care and control' is based on communication from one insurance agent and may not apply uniformly across all policies.
- Premium costs and available coverage options depend on individual circumstances and provider offerings.