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The right amount of insurance on rental equipment protects both the company or individual that rents the machinery and the company they rent it from. No one wants to be responsible for the full value of the equipment in the event that it’s accidentally damaged during use. Take a look at some of the specific requirements needed when purchasing insurance for your rental equipment.
No, insurance is not optional. You can either provide a Certificate of Insurance that proves you have adequate insurance to cover the repair or replacement of the machinery if it’s damaged in your possession, or you can pay for a Loss Damage Waiver (LDW) through the company renting the equipment.
In order to use your own insurance for equipment rental with Papé Rents, your Certificate of Insurance has to include:
The LDW through Papé Rents is 18% of the rental cost. It covers collision, fire, hail damage, theft (a police report is required), roll-overs, flood, wind damage, and vandalism. It doesn’t cover equipment abuse or neglect.
There is a $1,000 deductible per machine when using the Papé Rents LDW. That means in the event the rental equipment is damaged and determined to be covered under the LDW, the maximum you’ll have to pay out of pocket is $1,000. If you’re using your own rental liability insurance, check with your provider for more information on your deductible.
Many of our customers find when comparing our LDW to their rental liability insurance that our coverage is better. There is no limitation on double coverage and all customers can opt for the LDW in addition to their primary coverage if they choose.
Don’t worry - as long as you were using the equipment as it was intended to be used and there is no evidence of abuse or neglect, you’re covered. Just contact the salesperson you worked with and report the damages. Our rental team will then assess the damage, make sure it’s covered by the LDW, and handle the paperwork to submit a claim. Once the paperwork is submitted, we’ll collect your deductible and set you up with another rental if needed.
Renting equipment is easy and worry-free with Papé Rents. Visit your nearest Papé location today for a rental or to speak with our team about equipment rental insurance.
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