Rental Equipment Protection (REP)
Rental Equipment Protection (REP)
Holt of California (“Holt”) offers Rental Equipment Protection (“REP”) for an additional fee.
REP is mandatory if you do not provide a Certificate of Insurance.
REP is optional if you provide a Certificate of Insurance covering the full replacement value of the equipment you rent from Holt (“Equipment”) naming Holt as additional insured.
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, earthquake, falling objects, fire, 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.
Excluded Equipment: REP EXCLUDES THE FOLLOWING EQUIPMENT: aircraft; watercraft; vehicles designed for highway use and used for over the road transportation of people or cargo; waterborne property; vehicles licensed for the road while in transit; Equipment that is underground or in transit; underground mining; personal property.
Excluded Losses: REP EXCLUDES LOSSES RESULTING FROM THE FOLLOWING: contamination or deterioration, civil authority (seizure, confiscation, destruction or quarantine); nuclear hazard; war and military action; criminal, fraudulent, dishonest or Illegal acts; loss of use; mechanical breakdown; missing property; pollutants, temperature/humidity; voluntary parting; wear and tear; failure to follow the procedure to report a Loss.
Amount of Waiver: 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.
Maximum Waiver of Claim: $500,000 per occurrence.
Cost of REP. 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.
Procedure to Report a Loss. Holt’s waiver of its Claim is contingent upon your compliance with the following procedure in the event of a Loss.
- Notice. You must provide Holt with prompt notice of the Loss;
- Protection of Property. You must take all reasonable steps to protect the Equipment to avoid further Loss;
- Proof of Loss. You must send Holt within 10 days of Holt’s request a signed, sworn proof of Loss that includes the time, place and circumstances of the Loss and other information reasonably requested by Holt regarding the Loss;
- Examination. If requested by Holt you must submit to examination under oath and/or provide a written statement regarding matters connected with the Loss;
- Records. If requested by Holt you must produce records connected with the Loss;
- Damaged Equipment. If requested by Holt, you must take pictures and/or exhibit the damaged Equipment and allow Holt to inspect and/or take samples;
- Return Equipment. If requested by Holt, you must return the Equipment to Holt if it is in your care, custody or control;
- Cooperation. You must cooperate with Holt in performing all acts reasonably requested by Holt in connection with the Loss.
Acceptance. 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.