Having trouble finding a gear insurance company that covers dry rentals. For example - I dry rent a console to a client, they feed it their beer, I get covered. Any suggestions? Also, what phrase usually covers this sort of thing (what should I be googling or asking the company about?). Plenty of threads on insurance around here, not much about this.
Gear insurance that covers dry rentals?
- Thread starter Samuel Rees
- Start date
Gear insurance that covers dry rentals?
Let me clarify based on something from PSW - I'm asking about insurance for my gear when I rent it to someone else (where I am not the primary operator). Does this exist? I think I was unclear in my wording. Also, I'm in Virginia.
Let me clarify based on something from PSW - I'm asking about insurance for my gear when I rent it to someone else (where I am not the primary operator). Does this exist? I think I was unclear in my wording. Also, I'm in Virginia.
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Re: Gear insurance that covers dry rentals?
A quick google search came up with this: http://www.thehartford.com/sites/thehartford/files/party-equipment-flyer.pdf
Not sure of what the costs for such insurance might be. Generally, in your contract you would state that the customer is liable for the costs of repair or replacement if gear is not returned or in the same condition when returned. If you have insurance and make a claim, there would be a deductible, which to make the insurance affordable would probably need to be pretty high.
A quick google search came up with this: http://www.thehartford.com/sites/thehartford/files/party-equipment-flyer.pdf
Not sure of what the costs for such insurance might be. Generally, in your contract you would state that the customer is liable for the costs of repair or replacement if gear is not returned or in the same condition when returned. If you have insurance and make a claim, there would be a deductible, which to make the insurance affordable would probably need to be pretty high.
Re: Gear insurance that covers dry rentals?
Any rental amount so large that a credit card deposit cannot cover loss should require the customer to present their own insurance certificate.
Simliar to VER:
http://www.verrents.com/rent-from-us/account-with-coi/
http://www.verrents.com/rent-from-us/cod-with-security-deposit/
If the equipment was to be insured by your own policy you would need to charge your client extra for this service (many walkie talkie vendors offer this coverage) as if you didn't you would be opening yourself up to risk but the renter would have no incentive to return the equipment in satisfactory condition.
Any rental amount so large that a credit card deposit cannot cover loss should require the customer to present their own insurance certificate.
Simliar to VER:
http://www.verrents.com/rent-from-us/account-with-coi/
http://www.verrents.com/rent-from-us/cod-with-security-deposit/
If the equipment was to be insured by your own policy you would need to charge your client extra for this service (many walkie talkie vendors offer this coverage) as if you didn't you would be opening yourself up to risk but the renter would have no incentive to return the equipment in satisfactory condition.
Re: Gear insurance that covers dry rentals?
If this just isn't how the business is done, that would explain all the companies who have said I have to be the primary operator.
If this just isn't how the business is done, that would explain all the companies who have said I have to be the primary operator.
Silas Pradetto
Graduate Student
Re: Gear insurance that covers dry rentals?
Just get Inland Marine - it covers the gear anywhere it goes.
Just get Inland Marine - it covers the gear anywhere it goes.
Re: Gear insurance that covers dry rentals?
Hey Silas, maybe I'm just getting really unlucky, or I'm asking the wrong questions, but that hasn't been what the companies I've talked to have told me. Several different companies have offered me inland marine policies but said the the gear wouldn't be covered if I was renting it without me as the operator. Two of which were recommendations from PSW/SF, including the one that rick mentioned above. I just called them today.
Hey Silas, maybe I'm just getting really unlucky, or I'm asking the wrong questions, but that hasn't been what the companies I've talked to have told me. Several different companies have offered me inland marine policies but said the the gear wouldn't be covered if I was renting it without me as the operator. Two of which were recommendations from PSW/SF, including the one that rick mentioned above. I just called them today.
Re: Gear insurance that covers dry rentals?
I've never seen an inland marine policy that covers gear outside of your possession. You may want to read the fine print of your policy.
For any significant rental, I make the renter provide a certificate of insurance to cover my gear.
Evan
I've never seen an inland marine policy that covers gear outside of your possession. You may want to read the fine print of your policy.
For any significant rental, I make the renter provide a certificate of insurance to cover my gear.
Evan
Re: Gear insurance that covers dry rentals?
That is what a number of providers have been telling me - that their insurance covers the gear wherever it goes.... With you.
Definitely will look into doing certificates. Thanks Evan.
I am waiting for a quote from these guys:
http://www.insurancewest.com/spectra.html
Anyone have experience with them? They specifically told me their policy is meant to cover gear that is not operated by the policy owner. The rep told me they mostly do companies that rent cameras to the film industry, for example. I assume it would be more expensive, because of the additional risk? We will see.
I've never seen an inland marine policy that covers gear outside of your possession. You may want to read the fine print of your policy.
For any significant rental, I make the renter provide a certificate of insurance to cover my gear.
Evan
That is what a number of providers have been telling me - that their insurance covers the gear wherever it goes.... With you.
Definitely will look into doing certificates. Thanks Evan.
I am waiting for a quote from these guys:
http://www.insurancewest.com/spectra.html
Anyone have experience with them? They specifically told me their policy is meant to cover gear that is not operated by the policy owner. The rep told me they mostly do companies that rent cameras to the film industry, for example. I assume it would be more expensive, because of the additional risk? We will see.
Re: Gear insurance that covers dry rentals?
The insurance company I use does offer this kind of insurance. Travelers is the name, but it seems like shopping around is your best option. A good agency or agent can pool together the offers for you based on what you need. That's what I did and it went better for me meeting with an agent and letting him do the legwork than when I shopped alone online and over the phone for the same insurance myself. I went through a local office in Richmond, VA to get it. It is highly recommended for use by people like us, other locals use it too. No problems so far although this is only my second year in the business. Good luck!
The insurance company I use does offer this kind of insurance. Travelers is the name, but it seems like shopping around is your best option. A good agency or agent can pool together the offers for you based on what you need. That's what I did and it went better for me meeting with an agent and letting him do the legwork than when I shopped alone online and over the phone for the same insurance myself. I went through a local office in Richmond, VA to get it. It is highly recommended for use by people like us, other locals use it too. No problems so far although this is only my second year in the business. Good luck!