Like many organizations, your entertainment firm may rent or lease equipment from time to time. It is important to understand who is responsible for the rented equipment, and that your understanding is consistent with the written rental agreement. Not all rental agreements are the same. Some rental agreements will include property damage insurance as part of the rental fee. Other rental agreements may require you to be responsible for all damage. And finally, some rental agreements may require you to pay a deductible if there is damage. This can be very confusing especially if you are leasing or renting a high value item.
Out Rental House program provides insurance for companies that supply the entertainment, sports and leisure industries with the equipment and/or support services.
There are many important things to remember when considering a rental agreement:
- Leasing companies come in many varieties including banks, brokers, equipment specialists, independents, and companies of all sizes. Each has different levels of flexibility and requirements.
- Understand what the rental/lease agreement says regarding repairs, maintenance, and upgrades. This applies more to long term leases rather than short term leases.
- It may be in your best interest to insure the equipment separately. This may be more cost effective depending on how the agreement is written.
- MovieInsure.com and allow us to review the rental agreement on your behalf.
MovieInsure.com offers a wide variety of A-rated, Admitted and Non-Admitted insurance companies for our clients to choose from. We only deal with companies that are on the Insurance Commissioner’s approved list.
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