Holt of California (“Holt”) offers Rental Equipment Protection (“REP”) for an additional fee.
REP is mandatory to rent equipment from Holt (“Equipment”) if you do not provide a Certificate of Insurance.
If you decline REP then you will be responsible for the direct physical loss, including damages, repairs and/or replacement, to the Equipment as described in your rental agreement up to the full replacement cost of the Equipment (“Loss”).
If you accept REP then Holt will waive certain claims against you for a Loss (“Claims”). Common Claims that are waived under REP include Claims resulting from accidental damage, collision, criminal acts of others, earthquake, falling objects, fire (except as excluded below), flood, hail, ingestion, overturns, theft, tornado, vandalism, weight of load, and wind.
This waiver of Claims is not effective if the Equipment and/or the Loss is excluded from REP as described below.
REP EXCLUDES THE FOLLOWING EQUIPMENT: aircraft; watercraft; Equipment designed for highway use and used for over the road transportation of people or cargo; waterborne Equipment; Equipment while in transit; Equipment stored or operated underground; personal property.
REP EXCLUDES LOSSES RESULTING FROM THE FOLLOWING: civil authority (seizure, confiscation, destruction or quarantine); nuclear hazard; war and military action; contamination or deterioration; criminal, fraudulent, dishonest or Illegal acts by customer; loss of use; mechanical breakdown; unexplained or mysterious missing personal property; pollutants, temperature/humidity; voluntary parting; excess wear and tear; fire resulting from close proximity to an open flame or hot embers; abuse, mistreatment, poor maintenance or negligence; failure to follow the procedure to report a Loss.
Holt waives its Claim for a Loss covered by REP except that you are responsible for the first $1,000 of Loss for Equipment valued at $25,000 or less; and for the first $2,500 of Loss for Equipment valued at more than $25,000.
$500,000 per occurrence.
The fee for REP is 16% of the rent charged by Holt for the rental of the Equipment (“REP Charge”). Holt’s waiver of Claims against you is contingent upon your payment in full of all REP Charges that have been billed to you as of the date of the Loss.
Holt’s waiver of its Claim is contingent upon your compliance with the following procedure in the event of a Loss.
Initialing the “ACCEPT” choice on the front of the Rental Agreement and/or your authorized payment of the REP Charge constitutes your acceptance of these REP terms and conditions.
Holt of California is proud to be a member of the elite group of Caterpillar® dealers worldwide. We provide jobs to close to 800 employees, working to bring equipment solutions for the diverse needs of our customers.
Our customers are the reason we exist. At Holt of California we pride ourselves on superior customer satisfaction. As our customers’ needs change, we adapt and grow to meet and exceed their expectations by offering them a full range of products and services.
