November 5th, 2024
Purpose of the RDW Insurance Program
Protects rental businesses from physical damage to rented equipment while it's out on rent.
Provides rental companies a way to offer a damage waiver program to their renters.
Creates an additional revenue stream for the rental company while limiting downside risk through comprehensive insurance coverage.
Integration Benefits
Seamless, hands-off integration process once onboarded, requiring no additional ongoing work on the rental company's end.
All certificate generation and coverage details are handled automatically once a covered product is on-rented.
About SEIS
SEIS specializes in insurance solutions for the equipment rental industry.
Known as a "best of breed" provider of insurance products tailored specifically to this sector.
Steps for Integration Setup in Quipli
Submit an application to SEIS (a short, one-page application) to obtain a coverage quote.
Accept the quote, then notify Quipli and SEIS to activate the integration.
Enable insurance coverage at the individual product level, ensuring products are tracked by serial number (not quantity) and have make, model, and year populated.
On the product's settings, select "Use SEIS Integration/Creation to create RDW certificates for this product," and confirm the product is set to track by serial units.
On each product unit, confirm the serial number, make, model, and year are entered and saved.
How It Works Once Set Up
Once an order with a covered unit is on-rented, certificate information appears directly on the order: serial number, certificate number, and status (e.g., Approved).
Expanding the certificate shows the start date, end date, rental amount, deductible, certificate rate, and certificate cost.
If a claim needs to be filed, a First Notice of Loss form can be downloaded directly from the order, filled out, and emailed to the address listed on the form.
What the Coverage Includes
SEIS uses a broad-form comprehensive coverage model: coverage applies to direct physical loss or damage from any covered cause of loss, with specific listed exclusions rather than a limited list of covered causes.
Covers mobile and portable equipment, trailers and semi-trailers, camping trailers, office trailers, mobile homes, and attachments to machinery.
Excludes aircraft, watercraft, ATVs, UTVs, logging or pulpwood operations, and underground mining operations (though aggregate work, such as moving gravel in a quarry, is covered).
Equipment used only while waterborne is excluded, as is anything self-propelled and intended for road use (e.g., semi trucks, dump trucks). Equipment mounted on a vehicle but used as equipment (e.g., a cherry picker) is covered by SEIS while in use as equipment, separate from the vehicle's own auto policy coverage while driving.
Coverage can apply per unit up to $500,000 per occurrence; anything above that requires contacting SEIS directly for special terms.
Why Rental Companies Use This Program
Renters may not carry adequate insurance, may have insufficient coverage limits, or may have deductibles too high to be practical, this program removes the need to vet each renter's individual insurance.
Even renters with adequate insurance may prefer not to file a claim on their own policy, since doing so could raise their business insurance premiums.
Rental companies can build in a rate spread (for example, charging renters more for the waiver than the cost of the underlying insurance), creating an additional revenue stream.
SEIS is incentivized to resolve claims quickly, since equipment sitting in repair and off the road generates no rental income for the business.
Getting Started
Contact your Quipli representative (Onika) to request the SEIS insurance application.
Complete and submit the one-page application; it will be forwarded to SEIS for review.
SEIS will walk through coverage options and provide a quote, including the insurance rate (applied as a percentage of rental revenue) and deductible per unit/occurrence.
Once the quote is accepted, notify Quipli and SEIS to have the integration turned on.
Common Questions
Do all of our rental units need to be tracked by serial number to use this integration?
Only units you want covered under the SEIS integration need to be tracked by serial number, with make, model, and year populated. Products tracked by quantity are not eligible for this integration.
What happens if certificate generation fails for a rented unit?
The admin will receive an email notification if generation fails, and will need to coordinate with SEIS directly to resolve it.
Is there a maximum coverage amount per unit?
Yes, standard coverage applies automatically up to $500,000 per unit per occurrence. For anything above that, you'll need to contact SEIS directly for special terms.
What types of equipment are excluded from coverage?
Aircraft, watercraft, ATVs, UTVs, logging/pulpwood operations, and underground mining operations are excluded. Equipment used for waterborne work or self-propelled road vehicles (like semi trucks or dump trucks) are also excluded, though equipment mounted on a vehicle (like a cherry picker) is covered while being used as equipment rather than while being driven.
How do I file a claim if equipment is damaged?
Download the First Notice of Loss form directly from the order in Quipli, fill it out, and email it to the address listed on the form.
How is the insurance premium calculated?
SEIS provides a rate based on your rental revenue (for example, a 10% rate on a $1,000 rental would mean $100 in insurance cost). Rental companies can then set their own waiver rate charged to renters, creating a margin between the two.