To be paid on a claim your policy must be activated by a "trigger" or a covered cause of loss. Fire, theft, smoke damage, etc. are all covered causes of loss.
As an equipment rental company your exposure is different in that you are "giving" your equipment to an individual/company for a rental fee. If they decide not to return that equipment you're out of luck. Your insurance carrier isn't going to consider this loss a "theft" since you willing gave it to them. Therefore, no coverage.
Conversion coverage provides coverage for those items you rent out in the event that they are not returned. If someone signs your contract, gives you a fake CC number and then dissapears into the night with you equipment you'll have coverage for the loss. Keep in mind though that these deductibles are typically high and may not make sense for you depending on the equipment you're renting out. If the majority of your items you rent out are ~$1,000 and your conversion coverage deductible is $5,000 why would you pay for the extra coverage when you'd likely never have a claim large enough to justify the $5K deductible.
Minimum coverage is the minimum amount of insurance required by law. Full coverage is the full package from the insurer, insuring everything they offer to cover.
An Insurance Underwriter is a person who determines the risk in insuring a client, evaluate insurance applciation and determine the coverage amount and premiums.
Insurance companies do offer coverage for antique cars. There are also insurance companies that are specialized in insuring antique cars.
Temp cover, also known as temporary coverage, is the act of insuring a driver on your vechile insurace for a limited amout of time. Temp coverage is risky because if you additional insured has an accident you rates may increase.
Insuring a motorcycle is an important as insuring a car. In Montreal, Canada the average cost of insuring your bike can be around 200 dollars depending on the type of bike, your age, and your driving record.
First of all AARP is not an insurance company. The Hartford insurance company is promoted by AARP. Usually the first line of coverage is with the policy that insures the vehicle involved in the accident. If that coverage is not sufficient to cover then the policy insuring the driver of the borrowed car may be able to add extra coverage.
It is difficult to say because it depends on the specific accidental death and dismemberment(AD&D) policy and it's insuring clause. There are many variations of coverage. You have to look at the actual policy and see if the insuring clause limits coverage in any way such as flight accident only or common carrier, or public conveyance, etc. You then have to look at the policy exclusions to see if any specific circumstances are excluded.
You probably won't get caught until you have an accident. Then you will discover that all the premiums you paid have just been a gift to the insurance company and you HAVE NO COVERAGE. In addition you could be charged with fraud.
Yale Insurance specializes in insuring automobiles. They have a $19 per month plan that has limited coverage. Their other insurance products are priced based on the type of car, the driver's age, and the driver's accident history.
That would depend on the way the contract is written. But you also need to make sure that there is an insurable interest for whoever takes out the insurance. Otherwise in the event of a claim there may not be coverage.
Yes. If you are making payments to a car lender, you are generally REQUIRED to insure the vehicle. If at any point they discover that you are NOT insuring the vehicle, they have every right to force coverage as they have a financial interest in that car.
your insuring contact says you must 'promptly report all claims'' also statue to limitations in your state will apply....not promptly reporting claims can result in the company refusing coverage/payment...