This storm is really exposing the flaws of leasing and their insurance policies. I have a number of clients who are just plain screwed.
In the future I would have the customer take the leasing company's insurance and not send in the insurance certificates. I have customers who sent in insurance certificates only to find that they did not have flood contents coverage on their policy.
One in particular had not even made the first payment on the lease and had only signed the lease 4 weeks before the storm. The leasing company is now after them for the stream of payments plus the residual value of the equipment. Think about this.....the leasing company funded $8,000 for the deal and a month later when the equipment was destroyed they want $12,500 from the customer. They had submitted the certificate of loss payee and found out after the fact that their coverage did not include contents on the flood. Nice. These poor people not only lost their business, they also can not go back to their house.