Equipment suppliers often have protection needs that extend beyond the scope of a traditional property policy. Whether a business rents tents and tables for special events, sells industrial machinery or leases high value medical equipment, protecting the equipment while it is in the company’s possession or in use by a customer is vital to the business’s operation.
The Hartford Financial Services Group, Inc. now offers Equipment Rental & Sales Choice, a marine policy that provides property protection for a broad array of equipment suppliers. The policy brings together several different types of coverage typically offered in separate marine policies.
“Having the right type of equipment in customer-ready condition is critical to equipment rental and sales companies,” said Alexander McGinley, assistant vice president and marine underwriting officer at The Hartford. “Their business depends on their ability to recover quickly if their equipment is lost, damaged or destroyed.”
According to McGinley, Equipment Rental & Sales Choice was developed in direct response to feedback about specific customer needs and is designed to address virtually any type of equipment whether it is rented, owned or away on exhibit. It also provides coverage for businesses that perform maintenance of their customers’ equipment, which is becoming increasingly common as an additional revenue source.
Key policy features include:
- A broad definition of covered property that includes nearly all types of equipment and tools ranging from flatware and serving items to large contractors’ equipment.
- All-risk coverage that includes flood, earthquake and voluntary parting with covered property.
- Coverage for property that is not tied to specific premises, including property during transit and in storage, or on display in a showroom or at another type of exhibition.
- Property that is leased or rented from others, including property that is re-leased or re-rented to a customer.
- Property in the care, custody and control of the insured during repair, maintenance or another capacity while the insured is acting as a bailee.
- Potential coverage for losses resulting from conversion of property for a use other than what was authorized in a rental agreement.
- The flexibility to customize coverage, limits and deductibles.
The Hartford’s Equipment Rental & Sales Choice is available as both a stand-alone policy and to customers of the company’s multi-line programs for equipment rental and sales businesses.
Source: The Hartford
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