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Automatic
Equipment Insurance provides equipment lessors with a comprehensive
solution to their insurance and outsourcing needs. Each new equipment
lease is automatically covered under the lessor's policy at the
time of lease origination, and the lessee is then given the choice
of insuring the equipment under this policy or providing proof of
their own insurance. If the lessee chooses to use the lessor's policy
for coverage, the charge for the insurance is billed and collected
along with the regular lease payment. Should the lessee choose to
provide its own coverage, this program provides insurance tracking
and verification services to ensure the lessor's coverage requirements
are met.
Property
Solution: provides primary insurance coverage to the lessor
on leased equipment not covered by the lessee's insurance.
Liability
Solution: provides single interest liability protection to the
lessor against vicarious liability claims for bodily injury or property
damage caused by the use or existence of leased equipment.
Features/Benefits
- Provides
an outsourcing solution for monitoring lessees' compliance with
the insurance requirements of the lease
- The
lessor is able to pass the cost of insurance to the lessee and
potentially earn fee income
- Expedites
the lessor's funding process by providing immediate asset protection
- Offers
a convenient option for the lessee to meet the insurance requirements
of the lease
- Offers
broader coverage than a typical commercial property policy
Integrated with Leasing Accounting Systems
- Partnered with IDS to integrate our Automatic Insurance product with your
IDS equipment leasing program.
- LeaseTeam, Inc., developers of LeasePlusTM and Lease Sales ManagerTM, and
Premier Lease & Loan Services partnered in designing and developing the LeasePlus
feature that allows LeasePlus customers to automatically interface with
Premier Lease & Loan Services, providing comprehensive solutions to their
insurance and outsourcing needs. Read the
05/19/03 news announcement
for more information.
Eligible
Asset/Customer Class
- Commercial
Equipment Lessors
- Equipment
portfolios
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