Rental Damage Waiver
It is with confidence that we extend a program designed to bring you increased protection. Our LDW Assurance plan can provide practical protection that keeps you on track and worry free.
Atlas Copco Rental – Rental Damage Waiver:
Loss Damage Waiver (LDW) Assurance Plan Terms and Conditions:
1) CUSTOMER'S GENERAL RESPONSIBILITY
Under the Atlas Copco Rental's Rental Agreement (Agreement), the Customer renting the Equipment (as that term is defined in the Rental Agreement) is responsible to Atlas Copco Rental for any loss or damage to the Equipment and for its return in the same condition in which received, except for ordinary wear. Such responsibility shall amount to the replacement or repair cost of the Equipment at the time it is lost or damaged, plus an administrative fee and Atlas Copco Rental related losses, such as, but not limited to, loss of use, appraisal fees or costs of recovery. In the event that the Customer is responsible for damage to the Equipment, such Equipment may be repaired either by Atlas Copco Rental or a repairer of Atlas Copco Rental's choosing. The cost of labor for such repairs shall be the then prevailing hourly rate for labor at the repair facility where repairs are effectuated. The Customer will be charged for parts at the prevailing list price established by the manufacturer or supplier involved or as charged to Atlas Copco Rental by the supplier or repair facility.
2) PROOF OF INSURANCE
As a precondition of renting Equipment from Atlas Copco Rental, Customer must produce evidence of insurance in accordance with the Rental Agreement, or Customer shall be required to purchase the LDW Assurance Plan, which is NOT INSURANCE. The charge for the LDW Assurance Plan shall be equal to 14 percent of the rental amount.
If the Customer purchases the LDW Assurance Plan, and if the Equipment is used in compliance with this plan, then Atlas Copco Rental agrees to waive, to the extent specified herein and in the Rental Agreement, its right to hold Customer liable for any damages greater than 25 percent of the Equipment's replacement cost.
4) WAIVER EXCEPTIONS
NOT WITHSTANDING THE CUSTOMER'S PAYMENT OF THE LDW ASSURANCE PLAN CHARGE, THE CUSTOMER WILL BE LIABLE TO ATLAS COPCO RENTAL FOR ALL LOSS OF OR DAMAGE TO THE EQUIPMENT AND RELATED EXPENSES INCURRED BY ATLAS COPCO RENTAL, resulting from any of the following circumstances:
A) The use or operation of the Equipment without Atlas Copco Rental's permission, or in a manner that would constitute a default under the Rental Agreement.
B) The failure of the Customer to perform or pay for all normal periodic and other required or recommended service, adjustments and lubrication of the Equipment.
C) Negligent, reckless, or abusive use or operation of, or intentional damage to the Equipment while the Equipment is under the care or control of the Customer (e.g., Equipment rollover or upset, altering the Equipment for use in a manner for which it was not designed, coming in contact with an overhead electric power line).
D) The use or operation of the Equipment with a load exceeding the manufacturer's rated capacity, or as a result of improper loading, unloading, or transportation of the Equipment.
E) All loss or damage associated with vandalism, malicious mischief, disappearance, theft or conversion of the Equipment, not documented by the Customer's filing a formal written report with the applicable public authorities (with an immediate copy to Atlas Copco Rental) within 24 hours of the event.
F) Customer's failure to properly secure the Equipment and/or by making it available to any unauthorized and/or untrained operator, or by not reasonably restricting access to the Equipment.
G) Damage that occurs while Customer uses, allows the use of, or directs another party to use the Equipment in the commission of a crime.
H) Customer's failure to notify Atlas Copco Rental within 24 hours of an accident that has resulted in loss or damage to the Equipment.
I) Customer provides misleading or false information to rent the Equipment.
J) The Equipment is used by an operator while under the influence of an intoxicant or other illegal or controlled substance.
K) Customer’s failure to pay all invoices including the LDW within Atlas Copco Rental payment terms.
If Customer purchases the LDW Assurance Plan, then Atlas Copco Rental will be subrogated to any right of the Customer to recover against any person, firm or corporation. Customer will execute and deliver any instruments and papers that are required and do whatever else is necessary to secure such rights. Customer will cooperate fully with Atlas Copco Rental and/or its insurer(s) in the prosecution of those rights and will neither take nor permit any action to prejudice Atlas Copco Rental's rights with respect thereto.
For questions or additional information, contact your Atlas Copco Rental representative today.