HILLIARD, Ohio – J.T. Bates Insurance Group will offer Physical Damage Protection to provide physical damage coverage for equipment financed for sale or long-term lease.
The new service will be available June 25 from the insurance group, which is a division of J. Griffin Ricker & Associates that specializes in risk management products for equipment dealers, rental companies, and material handling equipment dealers.
“We’ve received overwhelmingly positive feedback from our clients about Rental Equipment Protection and Straight|Docs, so we knew it was time to develop a product to protect our clients’ investments in equipment financed for purchase or long-term lease equipment,” said Jayme Bates, vice president of operations for J.T. Bates Insurance Group. “We wrote Physical Damage Protection in the same way as Rental Equipment Protection, so the quality of the program has already been proven, and this is a way to expand application of coverage.”
Physical Damage Protection features the same all-risk coverage as the company’s flagship rental product, Rental Equipment Protection. Common covered perils include but are not limited to: accidental damage, collision, earthquake, falling objects, overturn, tornado, vandalism, weight of load, flood, hail, wind, theft, and fire.
The list of exclusions is short, including criminal activity, ingestion, mechanical breakdown, missing property, and normal wear and tear. Physical Damage Protection also provides replacement cost on equipment five years old or newer.
For more information about Physical Damage Protection from J.T. Bates Insurance Group, visit www.jtbatesgroup.com or call (877) 900-8729.
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