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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.
What else can I help you with?
What is the difference between minimum and full coverage with auto insurance?
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.
Who are Insurance underwriters?
An Insurance Underwriter is a person who determines the risk in insuring a client, evaluate insurance applciation and determine the coverage amount and premiums.
What are the insurance options available for a second car?
When insuring a second car, you have the option to get a separate policy for it or add it to your existing policy. Some insurance companies offer multi-car discounts for insuring multiple vehicles with them. You can also choose different coverage options, such as liability, collision, and comprehensive coverage, based on your needs and budget. It's important to compare quotes from different insurers to find the best coverage and rates for your second car.
Do insurance companies offer antique car insurance?
Insurance companies do offer coverage for antique cars. There are also insurance companies that are specialized in insuring antique cars.
What are the risks in using a temp cover?
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.
How do insurance companies calculate the cost of insurance coverage for individuals?
Insurance companies calculate the cost of insurance coverage for individuals by considering factors such as age, health status, lifestyle habits, and the type of coverage needed. They use actuarial data and statistical analysis to assess the level of risk associated with insuring a particular individual, which helps determine the premium amount that the individual will pay for coverage.
What is the average cost of insuring a motorcycle in Montreal Canada?
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.
Would accidental death and dismemberment Insurance pay a claim due to an accidental death on a business trip?
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.
Will AARP auto insurance cover you if you are driving someone else's car that gave you permission?
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.
What is the penalty for insuring your car in another state?
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.
What are the release dates for Insuring Cutey - 1915?
Insuring Cutey - 1915 was released on: USA: 10 July 1915
Once tenants improvements have been completed who is responsible for insuring them?
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.
