Equipment rental is a wonderful service. It’s convenient, affordable and a nice solution to buying when you’ll only need the equipment for a short amount of time. But one potential challenge with rental supplies in Monroe, LA is trying to understand how the insurance works. You might be wondering whether your existing insurance has you covered, if you need special renters’ insurance or if the company itself is responsible for insuring its equipment.
The answers to these questions are mostly determined on a case-by-case basis, so it’s impossible to cover every possible scenario here. But there are a few basic things you could know that will help you in figuring out future rental agreements. Here’s an overview of insurance and rental supplies in Monroe, LA.
Whether you’re renting party or construction rental supplies in Monroe, LA, you’ll likely have to sign a rental agreement before you can leave the shop with your rentals. These rental agreements are fairly common and to be expected, but it’s always good to know what it is you’re agreeing to.
Most rental agreements will include three basic clauses: an indemnification agreement, a hold harmless agreement and a conversion warning. An indemnification agreement states that if something happens that causes the rental company to be sued for liability while you are using the equipment, then you have financial responsibility. A hold harmless agreement means that you won’t hold the rental company responsible if you cause harm or injury to any people or objects while using the rental equipment. Finally, agreeing to a conversion warning means that if you don’t return the rental equipment on time, the rental company will assume it is stolen and is allowed to press charges.
If any of these agreements sound unclear to you, or if you notice any other unfamiliar clauses in the rental agreement, don’t hesitate to ask the rental associate for more information. Most rental companies put a lot of thought and weight into their rental agreements, and want their customers to fully understand their obligations when renting party or construction supplies. The more you know, the better off you’ll be.
Rental equipment often exists in a murky gray area when it comes to insurance. The rental company does carry some obligation, and will always have a policy with an insurance agency. Those policies will usually cover the specific items that the company rents out, particularly things like construction machinery or expensive party supplies.
Most rental companies have inland marine policies, which cover their equipment whether it is on their property or not. Rental companies that rent out potentially dangerous equipment will also likely carry an enhanced general liability policy, which protects them against being liable for bodily harm caused by any of their products.
Again, the best thing to do is always to ask the rental company in question for information about their insurance policies. Ask if there’s anything you can do to protect yourself, and remember to always exercise great caution when using rented equipment.
We hope this guide has shed some light on a confusing issue. If you have more questions, you can always call Ram Rent-All, Inc. to learn more.