Loss Of Use Coverage is an optional coverage that can be added to your rented equipment policy, or your owned equipment policy if you have added rented equipment coverage.
This optional coverage will reimburse a rental house or other certificate holder for lost rental income in the event that their equipment has been lost, damaged or stolen in a covered claim incident while in your possession. The coverage will be enacted after 72 hours from the claim event. Remember, this coverage only comes into effect if you file a claim.
Some rental houses will require that you have this coverage. Others will not require that you have it, but may still bill you directly for lost rental income in the event that their equipment is lost or damaged while in your possession.
You can add this coverage while applying for either the Rented or Owned equipment policies but it only pertains to rented equipment. If you have already purchased your policy, you may still add this coverage by clicking the link to Modify Your Policy from your homepage dashboard at InsureMyEquipment.com.
Limits are available from $5,000 to $25,000.