Leased/Financed Equipment

If you are financing or leasing equipment through a bank or other institution, you will find that you are required to provide proof of coverage or they will purchase insurance on your behalf.

You can apply for the Owned Equipment policy to insure your leased/financed gear.

After you have purchased your policy, you will need to generate a Certificate of Insurance for the financing company which includes your lease number and the specific equipment you are leasing/financing.

Listing your Leasing/Financing Vendor as Loss Payee Only

If you are being asked to list the vendor as “loss payee” only, it means that your financing institution requires you to have both property coverage coverage only.

You can apply for the Owned Equipment policy through InsureMyEquipment.com and generate a COI immediately after policy purchase.

Apply for an Owned Equipment policy online at InsureMyEquipment.com. Make sure to include the details (make, model, serial number & replacement cost) for any items individually valued above $2,000. You do not need to include that information for lower valued items.

After policy purchase, generate a COI from your dashboard. Find the link, and click ‘New Certificate Holder’ then enter in your financial institutions details, including their email. They will receive the COI electronically in real time.

Listing your Leasing/Financing Vendor as Loss Payee and Additional Insured

If you are being asked to use the language “loss payee and additional insured” it means that your financing institution requires you to have both property coverage and liability coverage.

You can apply for both policies separately through InsureMyEquipment.com, and generate certificates of insurance from each policy

Apply for an Owned Equipment policy online at InsureMyEquipment.com. Make sure to include the details (make, model, serial number & replacement cost) for any items individually valued above $2,000. You do not need to include that information for lower valued items.

After policy purchase, generate a COI from your dashboard. Find the link, and click ‘New Certificate Holder’ then enter in your financial institutions details, including their email. They will receive the COI electronically in real time.

Add Custom Wording on a COI

Sometimes companies will ask us to list specific information in the ‘Description of Operations’ box or in the ‘Comments’ section of a Certificate of Insurance. This is possible, but unfortunately can’t be done online.

If you need custom wording on your COI, please email support@insuremyequipment.com with the following information:

Subject: Custom COI

Provide: -Your policy number and name

-Company name, Address, Email, Contact Name

-What is required in the Description of Operations section.

Or even better, forward over the email you received from them which includes the insurance requirements and custom description wording. ^{Allow up to 24 business hours for custom COI requests}