Hi, just wandering if any of you rent out your equipment? and what insurance stuff you have in place? I am wanting too rent out a d5g lgp machine and would like to get into few other machines if this works. thanks
My suggestion is don't do it. Not worth it - the risks outweigh the rewards.
th lol this is what i bought it for, got renters waiting for it $1500 per week. i own my own repair business so thats not problem, also got semis to deliver etc.
You make the renters pay for the insurance! They put a rider on the machine on their insurance and send you the proof of coverage with a signed form from their insurance agency.
Yep that how that works have them list you as additionally insured. You may want blanket coverage yourself as well, but let the renter pickup the bulk of it. My insurance policy has this built into it for when I need to rent equipment.
Are you supplying the Operator? Shotgun operation of a machine is usually not so good for longevity.
I wouldn't rent my D5G XL out for $1500 a week...nothing parties like a rental.
$1500 a week sounds too cheap for a D5. I think a skid steer might be closer to $1500/wk. Most places require contractors insurance before you can rent and the renter is responsible for maintenance, greasing, checking fluid levels etc. and any repairs required due their negligence. You need to have a good contract and a lot of places also require a deposit to cover damage or cleaning fee's when the unit is returned. I could see it being a hassle depending on how you're set up and who is renting it. It got stuck in the mud and we're not paying rent until it's out, etc.
I am curious on this as well. Having the machine itself covered is one thing but what if someone is injured or worse with the machine while it is out on rental? How does that work?
A D5K rents for $2200 a week from cat $1500 is right in the ballpark of what we pay for an older dozer from the local rental Contractor adds to liability policy same as any other piece of equipment Owner would also have insurance to cover fire theft ect on top of what the contractor has There are risks and what iffs in every business of course it helps if you dont rent to weekenders personally we have never treated a rental machine poorly in any way word gets around fast if you go destroying equipment