Additional named insured: the company leasing or financing the equipment to you.
Borrower/ Lessee: a person, corporation, company, or other legal entity that has entered into a written agreement with a financing/leasing company for the financing or leasing of equipment.
Cause of loss: any occurrence that causes loss or damage to covered equipment.
Covered equipment: equipment (except that specifically excluded) financed or leased by a financing/leasing company to you.
Limits of coverage: A. $100,000 per occurrence to covered equipment under a loan or lease agreement with a financing/leasing company; B. $250,000 for all occurrences to covered equipment during the policy period.
Loss: theft, damage, or destruction of covered equipment.
Named insured: you, as a borrower/lessee.
Occurrence: any accident, loss, or disaster, or series of accidents, losses, or disasters, arising out of one event.
Replacement cost: the cost to replace covered equipment with equipment of like kind and quality at the time of loss with no deduction for depreciation.
Stipulated loss value: the financing/leasing company’s net investment in covered equipment at the time of a loss, as shown in a table or chart of net payoff amounts; in no event will this amount exceed the original cost of the covered equipment or the limits of coverage.