Frequently Asked Questions
Why do I need to provide proof of insurance?
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.
How do I provide proof of my own insurance policy?
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 log-on to www.ihavecoverage.com
Why does the leasing company need to be named as “Loss Payee”?
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.
What if I don’t have my own insurance policy?
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.
My insurance agent provided a certificate of insurance, so why I am still getting charged?
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.
What are the necessary insurance requirements?
The certificate of insurance need to show the following:
- Name of the Insurance Company
- Policy Number
- Effective and Expiration dates of the policy
- Property Coverage
- Broad or Special form (including theft)
- Your Leasing Company named as a “Loss Payee”
Is there any benefit to insuring the equipment under the Leasing Company’s policy?
That is for you to decide, however the leasing company insurance policy does have the following features:
- No Deductible for claims over $100
- Insurance won’t be cancelled in the event of a claim
- Insurance charge won’t change over the life of the lease
- No up front premium payments are required the insurance charge is simply added to your periodic lease payment
- The equipment is covered while located in the United States (include territories and possessions) and Canada
- Generally broader coverage* than is provided by basic insurance policies, such as:
- Power Surge
- However please note: Your leasing company is the only insured under their insurance policy
* subject to actual policy terms and conditions