What is the Financed Equipment Insurance Requirement?
Your contract may require you have insurance that protects the equipment against all risks of loss. There are two options available to you:
You can cover the equipment under an existing commercial policy. If you are required to have your equipment insured, you will receive a letter from our Insurance Service Center that will explain your options in more detail.
In the event we do not receive evidence of other insurance, we will secure coverage for our interest in the equipment and bill you a fee for such coverage. We will be the beneficiary of this coverage and will be the insured party under a master insurance policy.
This is a general overview. For complete details, please contact our Insurance Department at 877-733-4433.