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Insurance

Insurance

Insurance Coverage Requirements

The Customer shall carry, at its own expense, from insurance companies satisfactory to Cleveland Brothers Equipment Co., Inc. (CBEC), the following types of coverage with limits not less than those shown below. The respective items must be shown on the Certificate of Insurance provided by the customer's Insurer or its authorized agents or representatives.

  1. Workers' Compensation Insurance, written to cover the customer's employees.
    Coverage: Workers' Compensation and Employers Liability
    Limits: Statutory
    Endorsements: Waiver of subrogation in favor of CBEC
  2. Commercial General Liability Insurance
    Coverage: General Liability, Premises, Independent Contractors
    Limits: $1,000,000 minimum Per Occurrence
    Endorsements: CBEC named as an Additional Insured; Waiver of Subrogation in favor of CBEC.
  3. Physical Damage Insurance
    Coverage: Contractors' All-Risk or Inland Marine Coverage including Temporary, Leased or Rented equipment, unless the equipment is specifically scheduled on the policy.
    Endorsements: Loss Payee in Favor of CBEC
    Note: Customer may elect the CBEC Loss Damage Waiver (LDW) for an additional cost based on the rental amount as stated on the Rental Contract, in lieu of providing protection for the equipment through its insurance carrier. If evidence of physical damage insurance is not provided within 7 days of the beginning of the rental period, CBEC will add the amount of the LDW to the rental and it becomes the responsibility to pay that amount in addition to the rental amount.
  4. Commercial Auto Liability
    Coverage: Owned, Non-owned and Hired vehicles. Includes Physical Damage if not otherwise protected.
    Note: Equipment registered as motor vehicles are excluded from many property and inland marine coverage forms and must be covered under the physical damage section of the Auto policy. Check with your insurance representative if renting equipment registered as a motor vehicle.
    Limits: Combined Single Limit per Occurrence of $1,000,000.
    Endorsements: Additional Insured in favor of CBEC, Loss Payee in favor of CBEC if physical damage applies.