Contractor insurance - question about insurance for rented equipment and whether I should still pay for additional insurance when renting?

[sam14]

My contractors policy covers rented equipment. When I rent equipment (usually a skid steer) they give me the option of paying an additional 10% for insurance. I usually decline the coverage as my contractor's policy covers it.

If I were to pay the additional 10%, and needed to make a claim through the company I rented from, would that increase the premiums I pay for my contractor's insurance when I renew?

Presumably if I decline the coverage from the renter and had to make a claim through my own policy it would.

 

[diemcarped]

@sam14 If you put the claim through the rental company, your company's insurer should not be notified. It's one or the other in this case. You are correct in your thinking.

Generally, if you are renting a lot, it's better to get the coverage on your own policy. But if it's only a couple times a year, see what it costs on your policy vs rental company and go with the cheaper option.

 

[sam14]

@diemcarped Thanks for the response. As stated my contractor policy already covers rentals, however some of these rentals have a rate of only a couple of dollars to have insurance through the rental company.

I am sure that if I ever had to make a claim through the contractors insurance my rates would go up, so I just wanted to confirm that a claim through the rental place directly would not have any effect on my future rates.