|Are you borrowing equipment and need to get it covered? |
Borrowed equipment is considered rented equipment as long as a contract is in place, even if no money passes hands. Regardless of whom you are borrowing from, there should be a contract in place listing the equipment you are borrowing, the parties involved and the length of time you'll be borrowing. Then, purchase a rented equipment policy and do not forget to send a certificate of insurance to the owner of the equipment listing them as Loss Payee. That way, their equipment will be protected while it is in your possession and any claim payout for their lost equipment will be remitted to them directly.
Are you letting a person or persons borrow your owned equipment? If you have purchased a policy to cover your owned equipment, be careful when releasing your equipment to a third party. Allowing someone to borrow your equipment is called 'voluntary parting' and no coverage will apply if the borrower steals your equipment. Alternatively if they damage your equipment coverage may apply but it is not guaranteed and very much depends on the claim circumstances. Also the individual must be available for questioning during the claim process. If you proceed with releasing you equipment, make sure that you have a contract in place describing the equipment you are releasing, the name of the borrower and the length of time it will be in their posession. Your safest best would be to request that they also obtain coverage for rented equipment and list you as Loss Payee on their policy.