FIS-Automatic Insurance

Automatic Equipment Insurance provides equipment lessors with a comprehensive solution to their insurance and outsourcing needs. Each new equipment lease is automatically covered under the lessor's policy at the time of lease origination, and the lessee is then given the choice of insuring the equipment under this policy or providing proof of their own insurance. If the lessee chooses to use the lessor's policy for coverage, the charge for the insurance is billed and collected along with the regular lease payment. Should the lessee choose to provide its own coverage, this program provides insurance tracking and verification services to ensure the lessor's coverage requirements are met.

Property Solution: provides primary insurance coverage to the lessor on leased equipment not covered by the lessee's insurance.

Liability Solution: provides single interest liability protection to the lessor against vicarious liability claims for bodily injury or property damage caused by the use or existence of leased equipment.

Features/Benefits

Provides an outsourcing solution for monitoring lessees' compliance with the insurance requirements of the lease
The lessor is able to pass the cost of insurance to the lessee and potentially earn fee income
Expedites the lessor's funding process by providing immediate asset protection
Offers a convenient option for the lessee to meet the insurance requirements of the lease
Offers broader coverage than a typical commercial property policy

Eligible Asset/Customer Class

Commercial Equipment Lessors
Equipment portfolios

This product is underwritten out of our Home Office in Cincinnati. As a service, FIS will assist our agents in: making contact with the Underwriter, obtaining an Application, and presenting submission material for review by the Underwriter.