Fire, Theft & Vandalism Rental Agreement
Explanation of Coverage
1) CUSTOMER'S GENERAL RESPONSIBILITY: By entering into a Holt of California (Holt) Rental Agreement (Agreement) Customer acknowledges receipt, understanding and responsibilities as stated on the front and reverse side of the Agreement. You have agreed to be responsible for any loss or damage to the Equipment, and for its return in the same condition in which received, except for normal wear and tear. This responsibility is limited to the full value of the Equipment at the time it is lost or damaged, including but not limited to Holt's expenses, such as, loss of use, appraisal fees or recovery costs. If the Customer is deemed responsible for damage to the Equipment, the equipment may either be repaired by Holt or a company of Holt's choosing. The cost of labor and parts of such repairs will be the prevailing shop/list rates in effect at the time of repair. In the event that an outside source is used then that cost will be applied to the repair billing.
2) FIRE, THEFT & VANDALISM (FTV): All customers renting equipment from Holt and/or The CAT Rental Store are required to maintain physical damage insurance or accept the Fire, Theft & Vandalism (FTV) Protection Plan. Any customer not providing proof of insurance will be charged an amount for the FTV equal to 14% of the gross rental amount. The FTV is not insurance; however, it does provide limited protection against accidental loss or damage to rented equipment, owned by Holt or The CAT Rental Store.
This plan does not cover equipment licensed for highway or public roadway use or equipment obtained from other companies and rented to the Customer. In the event of a covered occurrence (defined below), Customer is responsible for the resulting loss up to the higher of $1,000.00 or an amount equal to three times the four week rental, per occurrence for each separate piece of equipment rented.
COVERED OCCURRENCES: The following are considered covered occurrences: a) Theft of equipment from Customer, provided reasonable precautions were taken to protect and secure the rented equipment, and a police report was filed. b) Damage to equipment caused by vandalism not resulting from Customer's negligence provided a police report was filed. c) Damage to equipment caused by natural disasters such as floods, earthquakes, wildfires, or other natural disasters.
EXCLUSIONS FROM COVERAGE: a) Theft of accessories, such as air hoses, blades, tires, electric cords, tools and other similar items. b) Damage caused by improper use, failure to secure equipment during transportation or exceeding or overloading the rated capacity of the equipment. c) Damage to motors or other electrical devices caused by surges in electrical current. d) Damage resulting from misuse, abuse or failure to maintain proper oil, fuel, hydraulic, coolant or pressure levels, lack of lubrication or other normal servicing of the equipment. e) Damage to tires and tubes caused by blowouts, bruises, cuts, road hazards or other causes inherent in the use of the equipment. f) Loss or damage caused by use or possession of the equipment in violation of any terms of the rental agreement, or any law, ordinance or regulation. g) Loss or damage caused by failure to keep the equipment in a secure area up to a period of 48 hours after unit is called off rent. h) Loss or damage caused by intentional abuse, malicious mischief or neglect. i) Damage to, or loss of, equipment in the possession of a third party.
3) WAIVER EXCEPTION: Even if the Customer has accepted the Fire, Theft & Vandalism (FTV), Customer will still be liable for all resulting loss or damage to the equipment and expense of Holt, if it results from the gross negligence of Customer which includes, but is in no way limited to the use or operation of the equipment in a reckless or abusive manner, or intentional damage to the Equipment by Customer or with Customer's permission.
4) SUBROGATION: In the event of any loss or damage to the Equipment, Holt will subrogate with respect to any right of the Customer to recover against any person, firm, corporation or other entity. Customer will execute and deliver whatever instruments and papers are required and do whatever else is necessary to secure such rights. Customer will cooperate fully with Holt and/or its insured(s) in the prosecution of those rights and will neither take nor permit nor suffer any action that may prejudice Holt's rights with respect thereto.
What is FTV?
FTV (Fire, Theft and Vandalism) is not insurance. It is, however, limited protection against damage to equipment you have rented from Holt of California. See the inside of this brochure for complete details and limitations.
Do I Have To Purchase FTV?
FTV is required for any Customer who does not have a valid Insurance Certificate on file with Holt of California at the time of rental.
What Insurance Requirements Do I Have To Meet?
To avoid FTV, your insurance certificate must include the following:
• Minimum of $1 Million in General Liability coverage
• Minimum Physical Damage coverage on leased or rented equipment of $25,000 of the value of the equipment rented, whichever is greater.
Certificates should be mailed or faxed to:
Holt of California
PO Box 10001
Sacramento, CA 95813
Attn: Terry Ratto