The spring and summer months are busy times for construction workers, landscapers, painters, and other outdoor crews. Borrowing equipment can be an easy and inexpensive way to get the job done, but a friendly gesture can turn into a costly—and confrontational—situation if the borrowed equipment is damaged. By knowing your coverage, you can swap tools of the trade without worrying if you’re making an expensive mistake.

Check Your Policy Before You Borrow
As a borrower, you’re most likely responsible to provide coverage for damaged equipment, even without a formal agreement in place. Your equipment policy may provide coverage for borrowed equipment, but this is often added as an endorsement upon request. If you have property coverage, another option is to add the borrowed item to the scheduled list of equipment already insured by your policy. Check with your Yetter insurance agent to make sure you’re covered before borrowing equipment.

Look Before You Lend
If you’re lending equipment, it pays to do your research first. Check with the borrower to make sure he or she has adequate coverage for the loaned equipment, and that it doesn’t exclude the type of equipment you’re lending or certain coverages specific to your equipment.

Make it Official
For high value items or longer-term loans, consider converting the loan to a rental. By establishing a contractual requirement for coverage, you clarify who is responsible should any damage occur. A certificate of insurance should also be issued, requiring both parties to check with their insurance providers that adequate coverage is in place before any equipment changes hands.

We’ll Help You Get the Job Done
Contact a Yetter insurance agent before you lend, borrow, or lease any equipment this season. We’ll make sure you’re protected and help you get the job done.