{"id":17010,"date":"2016-03-17T18:09:49","date_gmt":"2016-03-18T01:09:49","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=17010"},"modified":"2016-09-15T09:25:15","modified_gmt":"2016-09-15T16:25:15","slug":"how-much-do-i-insure-my-leased-copier-for","status":"publish","type":"post","link":"http:\/\/www.enxmag.com\/twii\/the-week-in-imaging-twii\/sales-and-service\/2016\/03\/how-much-do-i-insure-my-leased-copier-for\/","title":{"rendered":"How Much Do I Insure My Leased Copier For?"},"content":{"rendered":"

\u201cHow much do I insure my leased copier for?\u201d was a discussion I had with one of the sales rep in\u00a0our office yesterday.<\/p>\n

From time to time, we field calls from clients asking how much to insure the leased copier for.\u00a0 The client then needs to submit that information to their insurance agent in order to produce a rider for the leasing company.<\/p>\n

Let me back up a moment.\u00a0 When a copier is leased, whether it’s a dollar buy-out option or\u00a0Fair Market Value, all of the leasing companies require\u00a0insurance on their property in case of catastrophic loss.\u00a0\u00a0The client can either\u00a0purchase the insurance from the\u00a0leasing company — and pay the monthly\u00a0fee — or call their insurance agent and\u00a0have a rider for that\u00a0copier listing the\u00a0leasing company as the loss payee.<\/p>\n

Our discussion centered\u00a0on insurance with\u00a0Fair Market Value (FMV)\u00a0lease. We ran\u00a0through a few options.<\/p>\n

    \n
  1. Do you tell the client the invoiced price to the leasing company? Or\u2026<\/li>\n
  2. Do you tell the client that the\u00a0amount is the\u00a0stream of payments for the total dollar amount with the lease? For example, payments of $200 per month for 60 months equals $12,000? Or\u2026<\/li>\n
  3. Do you tell the client that the amount is the stream of payments (above) and the FMV purchase price?<\/li>\n<\/ol>\n

    After some debating, we both agreed that none of the above\u00a0options\u00a0are\u00a0the correct answers to give to the client.\u00a0\u00a0The right course of action would be to call the leasing company and get a quote that includes the stream of payments along with the FMV purchase option.\u00a0<\/em>\u00a0Then\u00a0deliver that document to the client.<\/p>\n

    Fire<\/strong><\/p>\n

    In the last few years, I had the opportunity to help\u00a0a client who experienced catastrophic loss due to fire.\u00a0 In that case, the leasing company calculated the stream of payments along with the Fair Market Value purchase option.<\/p>\n

    Super Storm Sandy<\/strong><\/p>\n

    \"superstorm-sandy\"

    Super storm Sandy<\/p><\/div>\n

    When Super Storm Sandy struck here in NJ, we had a few claims due to copiers that went under water.\u00a0 Now, here’s something we found after the storm in reference to the leasing company\u2019s insurance offer:<\/p>\n

    The leasing company\u2019s insurance\u00a0policy will cover flood damage.<\/em><\/p>\n

    With two\u00a0other storm losses\u00a0where the client had submitted a rider to the leasing company from their Business Policy, there was no protection for floods.\u00a0This may vary from insurance company to insurance company. \u00a0Therefore, a lesson was learned.<\/p>\n

    In both cases the clients were able to claim the losses with FEMA.<\/p>\n

    Therefore, even though the leasing companies insurance may cost a few more dollars, it’s our belief that this is the best course of action when leasing a copier.\u00a0 If you’re a rep reading this, we hope that you are having that insurance discussion with every client.\u00a0 If you’re the leasee reading this for research, we highly recommend using the insurance services of the lessor.<\/p>\n

    Please take a trip to the\u00a0Print4Pay Hotel<\/a>\u00a0to read Thousands of Blogs related to the Office Equipment Industry, and become a member. It’s FREE!<\/p>\n

    -=Good Selling=-<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cHow much do I insure my leased copier for?\u201d was a discussion I had with one of the sales rep in\u00a0our office yesterday. From time to time, we field calls from clients asking how much to insure the leased copier for.\u00a0 The client then needs to submit that information to their insurance agent in order to produce a rider for the leasing company. Let me back up a moment.\u00a0 When a copier is leased, whether it’s a dollar buy-out option or\u00a0Fair Market Value, all of the leasing companies require\u00a0insurance on their property in case of catastrophic loss.\u00a0\u00a0The client can either\u00a0purchase the insurance from the\u00a0leasing company — and pay the monthly\u00a0fee — or call their insurance agent and\u00a0have a rider for that\u00a0copier listing the\u00a0leasing company as the loss payee. Our discussion centered\u00a0on insurance with\u00a0Fair Market Value (FMV)\u00a0lease. We ran\u00a0through a few options. Do you tell the client the invoiced price to the leasing company? Or\u2026 Do you tell the client that the\u00a0amount is the\u00a0stream of payments for the total dollar amount with the lease? For example, payments of $200 per month for 60 months equals $12,000? Or\u2026 Do you tell the client that the amount is the stream of payments (above) and the FMV purchase price? After some debating, we both agreed that none of the above\u00a0options\u00a0are\u00a0the correct answers to give to the client.\u00a0\u00a0The right course of action would be to call the leasing company and get a quote that includes the stream of payments along with the FMV purchase option.\u00a0\u00a0Then\u00a0deliver that document to the client. Fire In the last few years, I had the opportunity to help\u00a0a client who experienced catastrophic loss due to fire.\u00a0 In that case, the leasing company calculated the stream of payments along with the Fair Market Value purchase option. Super Storm Sandy When Super Storm Sandy struck here in NJ, we had a few claims due to copiers that went under water.\u00a0 Now, here’s something we found after the storm in reference to the leasing company\u2019s insurance offer: The leasing company\u2019s insurance\u00a0policy will cover flood damage. With two\u00a0other storm losses\u00a0where the client had submitted a rider to the leasing company from their Business Policy, there was no protection for floods.\u00a0This may vary from insurance company to insurance company. \u00a0Therefore, a lesson was learned. In both cases the clients were able to claim the losses with FEMA. Therefore, even though the leasing companies insurance may cost a few more dollars, it’s our belief that this is the best course of action when leasing a copier.\u00a0 If you’re a rep reading this, we hope that you are having that insurance discussion with every client.\u00a0 If you’re the leasee reading this for research, we highly recommend using the insurance services of the lessor. Please take a trip to the\u00a0Print4Pay Hotel\u00a0to read Thousands of Blogs related to the Office Equipment Industry, and become a member. It’s FREE! -=Good Selling=-  <\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[87],"tags":[106,410],"_links":{"self":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/17010"}],"collection":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=17010"}],"version-history":[{"count":4,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/17010\/revisions"}],"predecessor-version":[{"id":17028,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/17010\/revisions\/17028"}],"wp:attachment":[{"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=17010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=17010"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=17010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}