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Insuring Borrowed Equipment
Policy coverage considers ‘Borrowed Equipment’ as ‘Rented Equipment’.
As long as there is a written agreement between the owner and borrower of the equipment, no moneys must be exchanged for the Rented Equipment policy to provide coverage.
Regardless of whom you borrow from (whether a friend or a stranger), the terms of the period you are borrowing should be in writing (the length you’ll be borrowing, the value of the borrowed equipment, etc.)
You may use a Rented Equipment policy to generate a COI to the owner of equipment you will be borrowing.
Letting Someone Borrow Your Owned Equipment
Be cautious when letting someone borrow your owned equipment.
When you knowingly release your equipment to a third party, coverage no longer applies. This means that unless the borrower has coverage, your policy will not cover any loss or damage that occurs while the equipment is with the borrower.
If you purchase False Pretense coverage, your equipment would be covered in the event that the borrower never returned the equipment, or refused to participate in a claim proceeding
You should always require your borrower to have Rented Equipment coverage and to issue you a COI listing you as Loss Payee