I am in the process of renting some equipment. I need to cover the replacement cost of the equipment ($300k). My insurance guy has said that we are waiting for underwriting at Johnson and Johnson to review the request. The process to increase coverage can take up to 15 business days. Is this normal.

I just need someone to take my money and offer coverage. Is this wait time normal??

TIA

The rental place doesn't offer coverage?

In the world of mobile steam boiler, no.

I imagine that they have insurance, but they probably have cheaper insurance expenses if they only lease to clients that cover insurance on their equipment during the lease term. I checked with 2 different companies and their policies on having the renter cover their equipment is the same.

Some commercial property policies can provide a sublimit for non-owned equipment in your care, custody, and control if it's going to be within a certain distance of a location insured on the policy.

That said, I would expect the rental company to carry coverage for the equipment. I could see them requiring you to have some sort of GL policy that covers property damage if you're negligent. You'll likely need an endorsement that carves back the care, custody, and control exclusion.

I'm sure there are some agents on here better equipped to advise you than me. I underwrite a very specific niche industry/product and it's not equipment rental. Hope this helps.

Edit: no idea if this type of product would provide the coverage you're looking for but it's another thought.

https://www.travelers.com/business-insurance/boiler-machinery/equipment-breakdown-coverage

Yes, we have coverage for equipment that we rent/in our custody. The limits were not enough. Thus, it is tied up in underwriting waiting for the increase in equipment coverage. We only had $100k and we need $300k. It is actually a mobile boiler unit that we require to test some equipment.

Thanks for the reply!!

Ah, sorry I misread the issue. A 3x increase in limit would definitely trigger a review.