|Lessor's Contingent Liability
The Lessor and owner of a leased vehicle could be joined as an additional defendant in legal action if the lessee is involved in an accident and has failed to maintain insurance required by the terms and conditions of her/his lease. Contingent Liability insurance protects the interest of the lessor if, for reasons beyond their control or knowledge, the insurance provided by the lessee is not the insurance required by the lease agreement or is not present.
Example: $100,000 per person, $300,000 per occurrence, Bodily Injury, and $50,000 per occurrence, Property Damage($100/300/50)
|Lessor's Only Excess Liability
As the registered owner of a vehicle, Lessor's Only Excess Liability will protect the lessor's interest over an above the lessee's primary liability of the lessor's contingent liability insurance.
This Owner Only Excess Liability policy protects the lessor, not only under the circumstance of the lessor's contingent liability claim, but also extends coverage in the circumstance that the lessee's insurance is present, but is not sufficient to handle a catastrophic incident.
It will also be excess liability coverage over the interim car policy.
Example: The difference to $1,000,000 CSL per occurrence
|Interim Car Coverage
"Interim Autoes" means that at the time of accident or loss, an auto that you own and intend to lease to others an is not assigned to a lessee under a written lease agreement, or an auto returned to you after the expiration or early termination of such an agreement while held for sale of reassignment under a new written lease agreement. Interim Auto does not mean an auto you own that is assigned to a specific person, organization, company or employee for their day to day use.
Example: $100,000/$300,000/$50,000 Liability to include $2,500 deductible on both the comprehensive and collision with a maximum physical damage limit of $35,000 per vehicle.
|Lessor's Contingent Physical Damage
As the owner of a leased vehicle, the lessor could face a financial loss if the leased car has physical damage loss and the lessee has failed to maintain the physical damage insurance required by the terms and conditions of her/his lease. Lessor's Contingent Physical Damage Insurance protects the lessor's interest in the vehicle if , for reasons beyond her/his constrol or knowledge, the lessee's insurance is not present.
Example: $1,000 deductible comprehensive/$1,000 deductible with a maximum limit of $35,000 per vehicle.