quote:Originally posted by Art Post:
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
I'm in the same boat. I now think that taking the leasing company's insurance is the best option for the customer.
My customers with leasing company coverage have had a delay of a few weeks but next week I will deliver the first unit that was covered. Took a while but its a done deal.
Another customer with their own insurance immediately got new gear right away. They were dead in the water without equipment so they did a new lease. I put on my sales order clearly that it was the customer's responsibility to pay off the previous lease.
Other customers who had their insurance company submit for them a certificate of loss payee found out after the fact that they did not have proper coverage.
Ultimately I think the least risk for the customer is to use the leasing company's insurance. Most will resist that because they have their own insurance and won't want an extra fee. In the future I will be definatly be explaining the benefits of the leasing company provided insurance even if the customer doesn't want it.