How do I sign up with instaCOVER?
The signup process is fast and easy. Click on the 'Sign Up' button on the instaCOVER.com home page and you will be taken to the sign up form which you should complete and submit to instaCOVER. Your application will be reviewed by our staff and you will be notified within 1 business day. That is all there is to it.
How long does it take to sign up with instaCOVER?
Once you have completed the online application to sign up for instaCOVER it will take 1 business day to review your application. You will be notified by instaCOVER as soon as the review is complete and, if approved, you will be supplied with your Login and Password information. You are then ready to place insurance on the assets which you lease or rent.
Does it cost anything for me to sign up?
There is no cost to you to sign up or to use instaCOVER. You identify the assets you want to include and we do all the work from there – all at no cost to you.
How is insurance placed on the assets?
Once you have been approved with instaCOVER a 'blanket policy' will be written for you. You can then add assets to the blanket policy whenever you have a new lease or rental agreement. Premiums for the insurance will be paid by the lessee or renter.
What kinds of assets can be covered?
New assets are being added to the policy process all the time, including the following categories:
- Office equipment
- Medical and dental equipment
- Manufacturing and production equipment
- Construction
- Mobile equipment
- Office equipment
- Restaurant equipment
When is the insurance valid for each asset?
The coverage of the assets is immediately valid because the new assets are added to your blanket policy.
You will be able to print an insurance certificate directly from the instaCOVER website and can include this certificate in your lease or rental agreement.
How are the insurance premiums paid?
When you provide information to instaCOVER on the asset, you will also provide bank account or credit card information for the lessee or renter. instaCOVER will collect the premiums each month by completing a direct debit or credit card transaction for the lessee or renter.
How can the insurance be cancelled?
The policy can be cancelled by the renter or lessee at any time when it is no longer needed to fulfill the contract requirements.
You can email, fax or mail the required information that other coverage has be secured. The information that is required to cancel the insurance is as follows:
- Insurance company name
- Insurance agent name and phone number
- Effective dates of the coverage
- Coverage policy number
- Special form coverage that includes theft
- Confirmation that the Lessor's interests have been noted on the policy naming the Lessor as a loss payee
What if my renter or lessee already has insurance when instaCOVER is placed?
If the renter cancels the insurance and provides existing proof of insurance within 30 days of contract date the policy written by instaCOVER will be cancelled and all premiums which were collected back to the inception date will be returned to the lessee or renter in the same method as payment was made, ie., if the premium payments were made from the renter's credit card they will be returned to the renter’s credit card.
Who provides the insurance underwriting?
Insurance for instaCOVER is provided through a major insurance carrier, who is a premier insurance provider.
Are the premium rates competitive?
The premiums supplied by the insurance carrierare competitive with insurance commercially available for these assets.
What happens at the end of term?
The term of the contract is supplied to instaCOVER with the application. Three months before the end of term instaCOVER will notify the funder and the lessee or renter that the insurance policy will be cancelled at the normal end of term. If no response is received from either the funder or the lessee, then the policy will be cancelled automatically by instaCOVER at the end of the contract date.
Another letter will be sent notifying both funder and lessee that the policy has been cancelled.
What happens if the rental or lease contract ends early?
If the lessee or renter cancels the rental or lease agreement early they can notify instaCOVER of the expected cancellation date. instaCOVER will notify the funder of its intention to cancel the insurance. On the cancellation date the insurance will be cancelled and the lessee or renter and the funder will be notified.