Insurance Requirements

Download as PDF

Lessee shall provide proof if insurance coverage prior to the release of any equipment and Lessee shall provide and maintain this insurance at his or her own expense. The insurance must meet the following conditions:

  1. The Lessee must provide a Rental Equipment Floater Policy. This must be Special Form (previously called All Risk) Insurance providing Replacement Cost coverage with respect to the equipment leased from Daufenbach Camera, LLC. It must state Leased or Rented Equipment. The limit must be sufficient to cover all of the equipment possessed at that time of the rental, regardless of the number of sources of rental.
  2. Requirements: $100,000 minimum, per occurrence, or the total replacement value of all equipment Customer is in possession of, whichever is greater, with a maximum of $1,000.00 deductible. In other words, what is the total amount of gear that could be destroyed at one time? *
  3. The Lessee must provide Commercial General Liability insurance in the amount of no less than $1,000,000 Combined Single Limit Each Occurrence for Bodily Injury/Property Damage Personal Injury and a $2,000,000 General Aggregate Limit. Coverage must be Worldwide, on Premises, in Transit, an Unnamed Locations.
  4. The certificate of insurance must state that Daufenbach Camera is an Additional Insured on the General Liability Policy portion and a Loss Payee on the Rental Equipment Floater Policy.
  5. Lessee must show proof from the insurance carrier that the exclusion concerning “Locked Vehicle Warranty” has been deleted from their policy. An “Unattended Vehicle Theft Exclusion” will not be accepted. Such insurance shall include in-transit coverage and shall cover theft of the Equipment from locked vehicles.
  6. The coverage shall be primary to Daufenbach Camera, LLC and not contributory to any other equipment owned by Lessee, or being leased from other sources by Lessee.
  7. All policies must be endorsed to provide for thirty (30) days written notice to Daufenbach Camera prior to the cancellation of the policy.
  8. The policy must be in force prior to the equipment leaving a Daufenbach Camera outlet and the policy must remain in force until the equipment is returned to Daufenbach Camera.
  9. Every policy must stipulate that the coverage is primary and noncontributory with any insurance maintained by Daufenbach Camera.
  10. Certification of insurance should be on an ACORD Certificate of Insurance form which is to be presented to Daufenbach Camera no later than 3 days prior to the release of any equipment. (ACORD forms are standard forms used in the insurance industry).

In all cases, Company should be designated on COI as follows:

Daufenbach Camera, LLC
320 N. Damen Ave.
Suite D201
Chicago, IL 60612

* Please note: It is important to understand that the furnishing of a certificate of insurance may not fulfill your obligations under the rental agreement. The limit of insurance coverage for equipment is issued on a “Per Occurrence” basis, not a separate limit for all rental companies involved in your production. Therefore, it is essential that the limit for equipment coverage equals the total value of all equipment used on the job. If your limit of insurance is inadequate to cover the loss, or your insurance does not cover the type of loss that occurs, you will be responsible for the difference between the amount of insurance and the actual loss. It is in both your own interest, as well as our interest, that adequate insurance limits be maintained.