You want the best for your customers and so do we.
Specialty Equipment offers "peace-of-mind" programs to protect your valuable asset portfolios throughout the U.S. and Canada. Offering insurance programs will benefit you and your customer to speed funding deals and make certain insurance requirements are met.
Equipment Physical Damage Programs
Available for cash purchase, finance, lease, and rental transactions, types of programs include:
- Full-Service Automated Program immediately places insurance on equipment portfolios to expedite the funding process.
- Online Self-Service allows the customer to instantly enroll in an equipment protection program.
- Point-of-Sale protection offered at finance origination.
- Machine Tool Operator Error insures physical damage to a machine tool resulting from an operator’s programming error.
- Rental Loss Damage Waiver provides coverage to equipment while out on rental.
- Repossession Coverage provides protection to the lessor during the repossession process.
Commercial Vehicle Program
Commercial Vehicle Property Insurance protects the insured against uninsured physical loss or damage to financed commercial-titled vehicles. The policy covers collision and comprehensive losses but does not provide liability coverage.
Risk Management Programs for Lease Portfolios
- Equipment Residual Value Insurance allows lessors to account for operating leases as finance leases to accelerate earnings and enhance financials. In Canada, this coverage helps Canadian bank lessors comply with the Bank Act (Canada)’s residual retention limits. It also allows lessors to account for operating leases as finance leases to accelerate earnings and enhance their financials.
- Stipulated Loss Gap Coverage insures the exposure between the new book value and the stipulated loss value when lessors buy or sell a lease. Eliminates the need to set reserves for exposure.
- Contingent & Excess Liability Insurance protects the insured in the event of an accident lawsuit involving their leased equipment. Not available in Canada.
Insurance Tracking
Available as part of the Full-Service Automated Program or as a stand-alone option. Insurance Tracking monitors and detects uninsured equipment or vehicles that present risk to your client.