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Loss of Use
‘Loss of Use’coverage is also known as ‘Business Income for 3rd Parties’. This optional coverage is available to Rented Equipment policyholders, and Owned Equipment policyholders who have added Rented Equipment coverage to their policies.
‘Loss of Use’ coverage will reimburse the rental house for their lost income while their equipment is out for repair or replacement due to a covered claim incident.
Some rental houses require you to have this coverage, and, if you do not, they may demand that you pay for their lost income while their equipment is out for repair or replacement.
For example: You rented a camera kit from Rental House ABC for one week. During your rental, the camera falls from your tripod and is damaged. The repair shop estimates it will take 3 weeks to repair the camera. The Rental House could demand that you reimburse them $1,500 for the income they will lose, while they are unable to rent the kit to anyone else.
Add Loss Of Use Coverage to your policy
You can add Loss Of Use coverage to your Rented or Owned Equipment policy (if you have added rented equipment as well)
If you have already purchased your policy but wish to go back and add Loss Of Use Coverage: