As you are aware, one of the terms of your agreement requires that you maintain insurance against loss, damage and theft of the equipment. You can satisfy this requirement by obtaining your own insurance or by taking advantage of the coverage offered by Meridian OneCap Credit Corp
Insurance coverage automatically added to your equipment lease means no 3rd party payments.
The benefits that many of our customers enjoy by insuring the equipment under our policy include:
If our policy is used to provide coverage on the equipment and your agent or broker subsequently provides the Insurance Tracking Centre with verification of your own insurance that meets the requirements of the agreement, our coverage will be cancelled on the effective date of your own insurance.
Comprehensive coverage that goes beyond many business insurance policies.
Our property insurance policy provides coverage for several important types of losses that many business insurance policies exclude, such as power surge, employee theft and flood. There is no deductible on covered losses greater than $100. Ask your agent or broker if your business policy covers these types of losses, or if you would have to pay for them.
Our policy protects covered equipment against losses due to:
as well as transit, robbery, electrical disturbances, hail, smoke, volcanic action, falling objects and collapse.
*There is no coverage for theft by a shareholder, director, owner or partner.
Meridian OneCap Credit Corp is the only insured under this policy. Your company is not an insured, an additional insured, or a loss payee under this policy.
Coverage excludes certain equipment types and events.
Equipment not covered:
In the event of a loss, report it immediately.
If there is a loss on the equipment covered under our policy, simply call 1 (866) 223-6381 to report the loss to the Insurance Tracking Centre.
Settlement of Covered Losses
The insurance company settles covered losses in the event of damage of loss due to a covered cause of loss, using one of the following methods:
Key terminology related to leasing insurance.
Accidental Damage: A sudden and unexpected event that is not specifically excluded, which results in damage to covered equipment. For example, accidentally dropping covered equipment or spilling a liquid on covered equipment.
Burglary: The use of force or violence to break into or out of premises which are not open, evidenced by marks of forcible entry or exit, and illegally taking away covered equipment.
Conversion: Unauthorized transfer, or attempted transfer, of ownership of covered equipment to another party.
Flood: Waves; or the rising, overflowing, or breaking of boundaries of lakes, ponds, reservoirs, rivers, harbors, streams, and similar bodies of water; or spray from any of these – all whether drive by wind or not.
Insured: Meridian OneCap Credit Corp
Power Surge: Electrical currents, originating from outside the covered equipment, that damage covered equipment, including power interruption, power surge, reduced voltage, and brownout.
Replacement Cost: The cost to replace covered equipment with the same kind and quality equipment at the time of loss.
Theft: Any act of stealing or illegal taking of covered equipment.
The information found on this website is general and should not be considered a complete analysis of any coverage on equipment under our policy. The actual terms, conditions and exclusions in our policy will prevail over the information on this website.