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I have a question... is the insurance provided by the leasing company any different than conventional insurance? Does it cover the equipmentin the case of "acts of God" like floods?" I was under the impression that the terms were no different from conventional business insurance other than being significantly more expensive.
Found out today, that Assurant does cover floods, I actually got a document from them about their services and I'll post it here later. Seems like most BOP policies will not cover floods, and Assurant will. However this leads to another issue, when leasing companies ask for "proof of insurance" and get a copy of the rider, do they not check to see if their equipment is covered in case of flood? If they miss this and do not charge for insurance is it then their loss and not the lessee? Some interesting questions here.
As of today I'm now working on the fourth claim for flooded/damaged equipment. Where I omnce knew nothing about this process, I'm sure in a few more weeks I'll be an expert in the process of guiding customers whether to take or not take the insurance companies policy from the leasing company. There was a point in time that I thought this was a "bad" deal for the customer, however I'm now leaning the other direction as of right now.
There is some alarming wording in the Assurant policy which is used by (Wells fargo & great America and I'm sure a few others). I will try and post these later also.
As far as Cash Gaps reference to looking for "inc" to help. The NJ shore is Lousiana's Katrina and then some. The devastation along the shores of NJ & NY is alarming. Many millions of dollars and volunteers have helped with untold hours of labor, materials, support, food and clothes. It's my take that if your're doing business in this region, you should offer some type of help. A gesture from Great America would help keep the tax rate at bay for this small town and would also be a great story for a press release. This is more than turning to "inc" to bail them out for a poor decision.
Art