Franklin Equipment Rental Protection Plan (Formally known as Damage Waiver)
The Franklin Equipment Rental Protection Plan (FERPP) is a simple, affordable, and easy way to protect yourself from the unknown and to offset possible damages / theft that may occur during the equipment rental period. FERPP is added to every contract unless you opt-out by supplying the required insurance, FERPP is highly recommended, even with insurance, to ensure your protection is maximized while renting equipment. FERPP can fill gaps in your insurance coverage. A perfect example can consist of a loss that is within your insurance deductible or when the loss is greater than the deductible, but not large enough to file a claim. This cost comes right off your bottom line, FERPP will put that to ease.
FERPP is 15% of the Rental Charge and billed to the customer.
For equipment that has been stolen, the customer is responsible for 10% of the manufacturer’s suggested list price, up to a maximum of $500. In the case of theft of equipment, responsibility on the customer is limited when you have paid and opted-in for the FERPP as well as comply with the rental contract agreement. You must file a proper police report of the theft within 48-hours of discovery of theft. If the equipment is recovered at a later date, Franklin Equipment retains ownership.
For the cost of repairs (incidental or accidental), the customer is responsible for 10% of the cost of the repairs, up to a maximum of $500. The FERPP can protect you, as the customer, against unexpected expenses that could result from damage during the use of rental equipment. Almost always, insurance does not cover the cost of repair(s) or repair(s) cost within your insurance deductible.
For every tire puncture / flat event, the first $50 of this repair is covered under the FERPP. All other is the responsibility of the customer if repair exceeds $50.
Customers are exempt from rental charges on damaged equipment covered by FERPP while it is being repaired and/or in the shop. The FERPP limits your responsibility for cost of repairs, as well as eliminating your liability for the rental amount normally charged during the period in which the equipment is repaired.
HOW CAN I ADD PROTECTION?
The FERPP is added to every contract unless you Opt-Out by supplying the required insurance, as specified by Franklin Equipment requirements, and say Opt-Out of the FERPP Coverage.
Franklin Equipment Rental Protection Plan
The Franklin Equipment Rental Protection Plan (“FERPP”) is NOT an insurance policy. The FERPP is an extended rental protection plan, for you or your company to help offset possible damages or theft that may occur during the equipment rental period. FERPP can only be opted-out with required insurance and marked as such in your customer account. Even with supplied insurance, it is highly recommended to maximize your total protection while renting equipment. The FERPP can also cover gaps in your insurance coverage such as when the loss is within your insurance deductible or when the loss is greater than the deductible, but not large enough to make filing a claim an option. Opting-In for the Franklin Equipment Rental Protection Plan product, you will not be held responsible for the full replacement value of damaged or stolen equipment. If something does go wrong, you will be responsible for 10% of the damage costs or $500.00, whichever is less. *
Customer is responsible for the operation and safekeeping of the rental equipment from the time of delivery until retrieval by Franklin Equipment. Customer agrees that they will use their best efforts to protect the equipment from loss or damage at all times during the rental period, until the equipment is in Franklin Equipment’s possession.
INSTRUCTIONS FOR FERPP OPT-OUT
Requirements for Submitting Certificate of Insurance
General Certificate of Insurance (COI) for Rental: $1,000,000 Coverage