What it does
CG 20 34 adds as an additional insured any person or organization from whom the named insured leases equipment when they have agreed in writing that the lessor be added. Coverage applies to injury or damage caused, in whole or in part, by the named insured's maintenance, operation or use of the leased equipment.
Who needs it
Contractors renting equipment job by job, event companies renting staging and lifts, and manufacturers with equipment leases.
Key provisions and limits
- Status ends when the lease agreement ends; no coverage for occurrences after the lease expires.
- Requires a written agreement made before the loss.
- Coverage applies only to the extent permitted by law.
- Contract-based limits: coverage is no broader than any contract requires, the most paid for the additional insured is the lesser of the contract-required amount or the policy limits, and the endorsement does not increase limits.
Quoting and selling notes
- Saves issuing a CG 20 28 for each rental company.
- Pair with blanket waiver of subrogation (CG 24 53) when rental agreements require it.
