5 Quick Facts About Short Term Equipment Rental Insurance

Today we’ll be going slightly more in depth, but not too in depth, about short term equipment rental insurance. This isn’t the full Wikipedia-style explanation. Instead, let’s keep it simple, and go over 5 quick facts about short term equipment rental insurance. 

What is short term equipment rental insurance?

Short term equipment rental insurance, quite simply, is insurance that you purchase to cover rented equipment for a defined period, as opposed to buying insurance that continues indefinitely. It’s generally going to cover your equipment for a specific project or time period, usually the period you’ve rented the equipment for. 

Who should buy short term equipment rental insurance?

The short answer is: anyone who is renting equipment. The slightly longer answer is that people buying short term equipment rental insurance are often going to be producers, directors, filmographers, cinematographers, sound mixers, and anyone else involved in a production who is renting or even borrowing equipment for said production. Oftentimes, the rental house will require insurance to be purchased on any rented equipment. Even when renting or borrowing equipment from a (very generous, and probably too trusting) friend, you’re still going to want to cover the equipment with an insurance plan, to protect it from any of life’s inevitable curveballs. An uninsured on-set disaster is one way to ruin the shoot day (and probably the friendship). 

What does short term equipment rental insurance cover?

There’s no one answer to this, since providers vary in what they cover, and policies can often be very customizable to the needs of your production. A standard damage waiver will cover fire, theft, and vandalism, and more extensive policies may cover collision, falling objects, fire, flood, and more. This more thorough coverage is going to be more expensive. Ultimately, you pay a price for peace of mind, and to avoid the disaster scenario of having to pay out of pocket for damage that didn’t seem likely. The more coverage, the lower the risk, the higher the price. 

Something to note about short-term equipment rental insurance is that it generally does not include liability, such as bodily harm or damages to property. If someone knocks over a camera tripod and it injures a bystander, those medical bills would not be covered by the equipment insurance. If it breaks a window in a rented studio space, that window typically would not be covered by the equipment insurance policy. This is where a General Production Liability insurance, and Third-party Property Damage insurance would come into play, respectively. Yes, this is a lot of big words and different types of policies, but it’s not as confusing as it seems. Athos has expert insurance agents on hand to answer questions, and walk you through the process of customizing a plan that fits the unique needs of your production.

How much does short term equipment rental insurance cost?

We know, peace of mind sounds great and all, but how much is that going to cost, and is it really worth it? The truth is, the cost of a short term equipment rental insurance policy will vary based on where you buy it, and what the policy covers. It’s also going to affected by the value of the equipment, and how much it would cost to replace, how long you’re renting it for, and what you’ll be using it for. As we discussed, the more potential hazards covered in the policy, the higher the premium. Also, a higher deductible policy will bring down the cost of premiums, and vice-versa. A lot depends on your preferences, the needs of your production, and your risk tolerance. The large range of variables means that we can’t provide an actual dollar estimate. Luckily, Athos agents can guide you to the best, most cost-effective policy for your specific production, and give you a real quote in just minutes. If you already know what you want, and don’t feel like talking to anyone, you can enter some details online and get a quote in minutes. You can even purchase the policy and get the certificate instantly, all from the comfort of your couch (or bathroom, we won’t know). Buying insurance has come a long way! 

Where can you buy short term equipment rental insurance?

There are numerous insurance providers out there, and while short term equipment rental insurance is a very specific type, there are still plenty of options to pick from. Often, you can buy an insurance add-on from the rental house you rent the equipment from, but you pay a price for that convenience, and this usually won’t be the best or most affordable policy. There are so many costs when it comes to production, it’s important to save money where you can. The best way to do this is finding a company that’s been around for years, has a long history of satisfied customers, and understands the specific needs of the entertainment and film production industry. That is where Athos comes in. We are fast, affordable, and understand the needs of the business. And you can do everything online. You can also save money on a policy by bundling together the various policies you’ll need for your production. 

While we go into more detail on different types of insurance for your event or production on our blog, we hope these five quick facts about short term equipment rental insurance can help set you in the right direction. And whatever you’re planning, let us create the perfect, custom-tailored policy for your unique needs. Contact Athos today, and our agents can get you the policy you need for a price you can afford, and answer any questions you have along the way.