Schedule it, and match the policy to the lease. Short-term rentals usually fall under the rented equipment extension. Equipment on a long-term lease or a lease-purchase is different. The lessor generally requires it listed by description and value, wants to be named as loss payee, and sets the valuation basis in the lease itself. If the lease says replacement cost and the policy settles at actual cash value, the difference lands on you. Send us the schedule of leased items at renewal rather than after a loss.
Related FAQs
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Usually by extension, and the rental contract asks for more than the policy gives by default. Most contractors equipment forms include a limit for equipment rented, leased, or borrowed, ...
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