Can my business get coverage for leased or rented machinery or equipment?

Yes, you can typically get coverage for leased or rented equipment under your Equipment Floater Insurance policy. This is an important aspect of an Equipment Floater policy, as it ensures that you have adequate protection for equipment that is not owned by your business but is in your care, custody and control.

Here's how coverage for leased or rented equipment works:

Leased or Rented Equipment: If your business leases equipment, machinery or tools, you can usually add this leased equipment to your Equipment Floater Insurance policy. This coverage provides protection for the leased or rented equipment against covered perils, such as theft, damage, and accidents.

Customized Coverage: Equipment Floater Insurance policies are often customizable, allowing you to specify the equipment you want to insure, whether it's owned, leased, or rented. You can set coverage limits and choose the appropriate valuation method (actual cash value or replacement cost) for the leased or rented equipment.

Proof of Coverage for Lessors: In many cases, lessors (those leasing or renting equipment to your business) may require you to provide proof of insurance for the leased or rented equipment as part of the lease or rental agreement. Having Equipment Floater Insurance in place ensures that you can fulfill these contractual requirements.