It can, once a rented or leased equipment limit is added to the floater. Read the rental agreement first. California law makes a hirer liable only for damage caused by a lack of ordinary care, under Civil Code sections 1928 and 1929. Rental agreements commonly shift the whole risk of loss to you from pickup to return and add the owner’s loss of rental income. The floater’s rented equipment limit and any loss-of-use reimbursement are what answer that clause, and the rental company may ask to be named as loss payee.
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