Add value to your client relationships
Automatic Insurance® from Premier Lease & Loan Services® provides equipment lessors with a comprehensive solution to their insurance and outsourcing needs.
With Automatic Insurance, each new equipment lease is automatically covered under the lessor's policy at the time of lease origination. The lessee is then given the choice of providing proof of their own insurance or purchasing a physical damage waiver to meet the lease requirements of the lessor. If the lessee chooses to use the physical damage waiver, the charge for the waiver is billed and collected along with regular lease payments. Should the lessee choose to provide their own coverage, this program provides insurance tracking and verification services to ensure the lessor’s coverage requirements are met.
Automatic Insurance makes your lease product more attractive to your vendors and lessees. Your lessees will benefit from expedient claim service, quality customer care, excellent coverage and convenience. They will also appreciate the fact that your Automatic Insurance, through a physical damage waiver, provides them with new replacement equipment if the leased equipment is destroyed or damaged beyond repair. Automatic Insurance adds value to your client relationships.
Program Benefits
- Provides an outsourcing solution for monitoring lessees' compliance with the insurance requirements of the lease agreement.
- Lessors are able to pass the cost of insurance on to the lessee and potentially earn fee income.
- Expedites the funding process by providing immediate asset protection.
- Offers a convenient option for the lessee to meet the insurance requirements of the lease agreement.
- All policies underwritten by Great American Insurance Company.
Comprehensive Coverage
- Provides broader coverage than most standard commercial property policies. Coverage includes fire, theft, windstorm, vandalism, mysterious disappearance, power surge, flood and terrorism.
Availability
- Commercial equipment leases up to $500,000 in value.
Coverages are summarized and subject to the terms, conditions and exclusions printed in the policy. Please refer to the policy for the specifics on coverages.
Automatic Insurance®, Premier Lease & Loan Services®, Great American® and Great American Insurance Group® are registered service marks of Great American Insurance Company.
