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:
Option 1
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.
Option 2
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.