Posted On: October 19th, 2018 6:22PM
If you self-insure when you rent a car (use your own insurance vs purchasing the rental company insurance), you may be responsible for Lost Revenue in the event of an accident. Let me explain.
Recently Jean and I overheard a conversation in an airport, where a customer was returning a car to an upper level car rental company that had been involved in an accident. The content of the conversation was basically “your rental agreement will continue until the damages have been repaired and the vehicle is put back into service”. Can you imagine being responsible for paying the daily rental rate while a vehicle, that you do not own, is in the shop for an indefinite period of time? The Lost Revenue that you may be paying is the daily rental rate for as long as the vehicle is out of service.
Upon contacting our insurance agent, we found that yes this may be the case. It is critical that each of us understand each vehicle rental agreement as well as your own insurance coverage when self-insuring a rental car. We learned that our insurance company is aware of these circumstances, where you as the vehicle renter are responsible for paying for lost revenue, but they did have an answer. Our insurance company works with a specific vehicle rental company where the Lost Revenue is covered by our insurance. Going forward our first call will be to the rental company that coordinates with our insurance company.
Hopefully you found this information to be informative.
Caution |
Do you Self Insure when you rent a car? |
If so, read this. You may be at more risk than you realize. |
Posted On: October 5th, 2018 3:38PM
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Posted On: August 5th, 2018 10:20PM
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Posted On: December 14th, 2017 11:50PM
Introduction As a valued customer, we understand that the privacy and confidentiality of your personal information is of the utmost importance to you. We respect and share your desire to maintain that confidentiality. In an attempt to assuage any fears you may have with respect to sharing that information, this document sets forth the listing Broker’s policy and commitment to you regarding the types of information we collect, our use of that personal information, and our efforts undertaken to protect that information. Background We collect and retain certain personal and financial information about you because we reasonably believe such information will enable our Brokerage to deliver that customer service necessary to meet your goals. That information may include sensitive financial data, which is protected under the Gramm-Leach-Bliley Act governing the use and collection of such information for financial and real estate settlement purposes. In addition, we may request other personal information from you that is not publicly available. We do not sell any personal information about you. During the normal course of our business, however, we may need to share your personal information with legitimate third-parties. For example, we may share this information when (1) the information is necessary for the completion of a transaction, (2) in order to verify the condition of your credit status or accounts with that third-party, (3) in order to comply with a governmental agency or pursuant to a court order, (4) upon your consent for personal reasons, or (5) as permitted or authorized by law. Policy 1. Definitions (a) Personal Information- Any documents or electronic files containing information relative to the Client’s finances, including but not limited to the following: statements for any accounts held with any financial institution, any revolving and/or credit card accounts, any information regarding mortgages, promissory notes or loans, FICO scoring results and credit histories, social security numbers, tax returns, addresses, electronic mail addresses, and phone numbers. (b) Broker- The real estate brokerage with which the Client has entered into a real estate services agreement, inclusive of all agents and employees of that brokerage. (c) Client- The undersigned client of Broker. 2. Storing of Personal Information (a) Physical Documents- Any and all physical documentation containing Personal Information will be kept in file cabinets and/or file rooms that are capable of being locked by the Broker. Those documents must be kept in such a manner reasonably intended to preclude any unauthorized third-party from obtaining access to the physical documents. (b) Electronic Files – Any and all Personal Information kept in electronic format must be stored on a computer and/or electronic server that is password protected and only accessible by the Broker. Those electronic files must be kept in such a manner reasonably intended to preclude any unauthorized third-party from obtaining access to the electronic files. 3. Transmission of Personal Information (a) Electronic Mail – Any and all electronic mail containing Personal Information communicated to any legitimate third-party shall be done in such a manner as to avoid the interception of that communication. Specifically, Broker shall take such steps as are reasonable to ensure that any e-mail transmitted is to the correct third-party, and contains the following language “The contents of this e-mail are private and confidential. To that end, if you believe you have received this email in error, you are advised to immediately delete this e-mail and contact the sender.” (b) Facsimile - Any and all facsimiles containing Personal Information communicated to any legitimate third-party shall be done in such a manner as to avoid the interception of that communication. Specifically, Broker shall take such steps as are reasonable to ensure that any facsimile transmitted is to the correct third-party, and contains a cover page with the following language “The contents of this facsimile are private and confidential. To that end, if you believe you have received this facsimile in error, you are advised to immediately destroy these documents and contact the sender.” That cover page shall not identify or disclose any of the Personal Information contained in the facsimile. (c) Third-Parties – With respect to any third-party, Broker shall ensure that prior to transmittal of personal information that third-party has consented to be bound by the terms of this document or is already bound by its equivalent. 4. Destruction of Files Upon the termination of Broker’s relationship with the Client, Broker shall destroy and/or delete those Physical Documents and Electronic Files containing Personal Information of the Client that Broker is not otherwise required to retain by law. 5. Notice to Clients Upon any breach of the security of the Client’s Personal Information, Broker shall immediately inform the Client so that the Client may take such remedial steps as are necessary to protect the Client. Broker shall take any and all additional actions reasonably required to protect Client. 6. Waiver and Release of Information By virtue of this document, the Client has been informed of those policies, procedures and actions undertaken by Broker to protect the Client’s Personal Information. Client understands, acknowledges and agrees that, notwithstanding the best efforts of Broker, certain information may be obtained by nonparties to this agreement. In no event shall client hold Broker liable for the criminal acts of anyone whomsoever in seeking or obtaining Personal Information. Client hereby acknowledges the receipt of this privacy policy and elects and agrees to the release of Personal Information to Broker. HomeSmart Client Date HomeSmart Client Date