Your lease agreement requires insurance on the leased equipment. You must provide proof of your own insurance by having your insurance agent or broker contact the Insurance Tracking Center.
Have your insurance agent or broker contact the Insurance Tracking Center by calling 888-272-3548 or by faxing a copy of the Certificate of Insurance to 425-609-3599 or have them visit this site ihavecoverage.com
As the owner of the leased equipment, they have a financial interest in, and hold the title to the equipment. By naming the leasing company as Loss Payee you satisfy the insurance requirement of your lease and the leasing company will be paid in the event of a covered claim under your policy. Likewise, the leasing company will notified by your insurance company in the event your policy is cancelled or not renewed.
If you do not provide proof of your own insurance policy, the equipment will be automatically covered under the leasing company's insurance policy. All you have to do is pay the insurance charge on your periodic lease invoice. The insurance charge includes premium and administrative costs and fees – including a fee to your leasing company.
Depending on when your agent provided the proof of your own policy, it may take one or two billing cycles stop the charge. Also you may responsible for insurance charges incurred up to the day your own policy was effective. Your leasing company will determine if any credit is due. If your agent has provided a certificate of insurance and you are still being charged for insurance, please call us at 888-272-3548. Many times the insurance certificate does not meet the necessary requirements.
The certificate of insurance need to show the following:
That is for you to decide, however the leasing company insurance policy does have the following features:
* Subject to actual policy terms and conditions.