Loss Payee

What is a Loss Payee?

A Loss Payee is a party listed on your property (inland marine) policy who is entitled to receive payment in the event of a claim for lost, stolen, or damaged equipment. This is particularly relevant in the production equipment industry, where equipment is frequently rented from various rental houses, individuals, companies, or locations.

Adding a Loss Payee on a Certificate of Insurance (COI)

When renting production equipment, you will typically be required to list the rental party as a “Loss Payee” on your property policy. This designation ensures that if a claim is filed for their equipment while in your possession, the Loss Payee will receive the payment directly.

Steps to Add a Loss Payee

1. Applicable Policies:
   • The Loss Payee designation applies only to property policies (also known as Inland Marine policies), such as:
     • The Rented Equipment policy.
     • The Owned Equipment policy, if rented equipment coverage has been added.
2. Generate a COI:
   • On either the Rented Equipment policy or an Owned Equipment policy with added rented equipment coverage, you can generate a Certificate of Insurance listing your vendor as a Loss Payee.
3. Information Needed:
   • To list a Loss Payee, you will need the following information:
     • Company Name
     • Company Address
     • Email Address

Example Scenario

For instance, if you rent production equipment from a rental house for a shoot, you must ensure that the rental house is listed as a Loss Payee on your property policy. This means that if the equipment is lost, stolen, or damaged during your rental period, the rental house will receive the insurance payment directly, thus fulfilling your contractual obligation to them.

For any additional questions or assistance, please contact our support team at [email protected].

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