CQ's Insurance 101
When renting professional production equipment, rental companies like Cinequipt are primarily concerned that you have two types of insurance coverage for their protection & yours.
1. General Liability coverage that names Cinequipt as an additional insured. We want to make sure that you have insurance coverage if you or someone on your crew has an accident involving some of our equipment that damages something or injures someone.
2. Property Coverage (all risk & replacement cost) for leased/rented equipment naming Cinequipt as loss payee. This gear is expensive & occasionally hard to replace. We want to make sure that you, through your insurance coverage, have the means to repair or replace the equipment if it’s damaged, lost or destroyed. This insurance would also cover the rental payments for the time it takes to repair or replace the equipment. The amount of coverage needs to be for at least the replacement cost of the equipment you’re renting.
a. The coverage must be written on a “replacement cost basis” without deduction for depreciation. Cinequipt does not accept insurance coverage that provides for any variation of “actual cash value” replacement.
b. The coverage must not include an “unattended vehicle exclusion”. Cinequipt does not accept insurance coverage that contains this inclusion. Check with your insurance agent to make sure that it doesn’t, or that it is removed if it does.
3. Your insurance agent needs to send us a Certificate of Insurance providing evidence of those coverage’s. Here’s a sample for your review.
The other two types of insurance coverage that we encourage you to obtain are:
1. Automotive Liability coverage for hired & non-owned autos. This one is a must if you need to rent a vehicle from us. Also, if someone is injured while loading or unloading equipment from any vehicle, this is the coverage you need to have to protect yourself. You General Liability coverage excludes this situation. Here’s a sample Certificate of Insurance that shows what we’re looking for in this situation.
2. Workers Compensation. This coverage would pay the medical expenses for someone that was working for you if they suffered an injury while on the job.
CQ’s Uninsured Fee
If you don’t have acceptable insurance, Cinequipt may offer to rent the equipment to you and charge an Uninsured Fee of 12% of the rental total.
1. We charge this fee to offset the cost of higher premiums on our insurance coverage for rentals without customer-provided insurance.
2. This fee doesn’t provide access to any insurance coverage that we possess, nor does it provide any replacement cost protection for you. You remain entirely responsible for any damage and/or loss to the equipment while in your possession.
3. We may also require a cash deposit, an authorized credit card deposit, or an established open credit account at Cinequipt for up to the full value of the replacement cost of the equipment being rented.
4. We also reserve the right to limit the amount of equipment that you may rent without providing your own insurance.