Insurance That Works The Way You Do
From embedded experiences to traditional programs, our insurance can be built around your business.
The right insurance can make a real impact on your operations - and your customers'.
Less risk for you. Less downtime for them.
Why You'll Love It
- Faster closings from less insurance friction
- New revenue opportunities
- Increased customer satisfaction and retention
Why They'll Love It
- Broader coverage than other commercial policies
- Fixed pricing with easy repair or replacememt
- Claims professionals who know equipment
Protecting Equipment Across The U.S. and Canada
Physical Damage Insurance
Covers most types of physical loss or damage, including risks that are often excluded from standard policies (like flood, wind or transit).
Stipulated Loss Gap Coverage
Insures the difference between the actual cash value of commercial equipment and the unpaid balance on the lease in the event of a total loss.
Equipment Residual Value Insurance
Allows lessors to account for operating leases like finance leases - accelerating earnings and protecting against unforeseen declines in market value down the road.
Insurance Tracking
Monitors coverage status and detects uninsured assets that create risk for your business. Included in embedded insurance programs or available as a stand-alone service.
Rental Loss Damage Waiver
Provides coverage for equipment while out on rental.
Machine Tool Operator Error
Covers physical damage to a machine tool caused by an operator's programming.
Contingent & Excess Liability
Protects against legal exposure in a lawsuit involving a lessor's equipment.
Repossession
Protects a lessor during the repossession process of equipment or commercial titled vehicles.
Equipment Types
Construction & Earthmoving Equipment
- Backhoes
- Drilling Equipment
- Excavators
- Graders and Loaders
- Skid Steers
Industrial & Manufacturing Equipment
- 3D Printers
- Automotive and Garage Equipment
- Embroidery Equipment
- Machine Tools, including CNC
- Material Handling Equipment
Medical & Healthcare Equipment
- Dental Equipment
- Digital Radiography and Scopes
- Healthcare Equipment
- Mobile Medical Equipment
- Veterinary Equipment
Office & Business Equipment
- Copiers and Printers
- Mailing Equipment
- Phone Systems
- Printing and Binding Equipment
Outdoor, Recreation & Landscaping Equipment
- Amusement Equipment
- Chippers and Stump Grinders
- Golf Carts
- Lawncare Equipment
Retail, Hospitality & Commercial Equipment
- Fitness Equipment
- Laundry Equipment
- Registers, Scanners, and Point of Sale Systems
- Restaurant and Vending Equipment
Technology, Media & Security Equipment
- Broadcasting Equipment
- Computers and Servers
- Photography and Videography Equipment
- Recording Equipment
- Security Systems
Transportation & Mobile Assets
- Commercial-Titled Vehicles
- Trailers
- Railcars
- Barges
Not sure what's right for your business?
Every business is different, so we tailor insurance solutions to fit your needs. Let's connect for a quick 30-minute conversation and identify the best path forward.
What clients are saying
"Our insurance program has been a game-changer for our business operations. The program helps accelerate our customers’ transactions. This enhancement in speed and service has not only improved customer satisfaction but has also reinforced our clients' trust in us."
– Lyndon Thompson, President of Byline Financial Group
"Great American specializes in insuring equipment finance risks. They tailor programs to meet clients’ needs and recommend solutions to enhance the customer experience through deep, customer-focused interactions."
– Shaun Buswell, Vice President with Alliance Funding Group
"The digital solutions we implemented with Great American will enhance customer experience, operations and communications. We look forward to future opportunities to support our customers together."
– Daryn Lecy, CLFP, Senior Vice President and COO with Oakmont Capital Services
Specialty Equipment News
Unlocking Value: The Power of Short-Term Repossession Coverage
By: Ian Steidel, Product Manager, Great American Insurance Group, Specialty Equipment
Short-term repossession coverage can be overlooked in the dynamic landscape of financial services. However, it can act as a safety net for lenders and financial institutions, shielding them from potential losses due to unforeseen circumstances. It can be a game-changer; let’s explore how.
Safeguarding Your Investments
Whether dealing with commercial vehicles or equipment, these assets represent substantial investments. When these assets transition from borrower possession to resale, vulnerabilities emerge. That’s where short-term physical damage coverage comes in. Imagine a protective shield against vandalism, fire, theft, and weather-related disasters. With this coverage in place, your assets will be protected. Losses are minimized, and the value is preserved.
Redefining Risk Management
Repossession is no walk in the park. Financial institutions face inherent risks during the process, from storage mishaps to transit issues. Here, short-term coverage acts as the ultimate safety net. This coverage steps up if an asset sustains damage while under your care. It is your financial backstop covering you for losses incurred. Risk management isn’t just a buzzword; it’s a strategic move.
The Power of Customization
Remember that each financial institution’s insurance needs are unique. When selecting coverage, consider the following factors:
- Varying Degrees of Protection: When evaluating insurance options, it is essential to assess your specific requirements. Look for a comprehensive insurance program that can be tailored to your unique needs. Customize your coverage accordingly if you need protection against theft, vandalism, or windstorms. Additionally, consider the assets involved—whether a single asset, like a crane or a fleet of commercial trailers. Furthermore, consider varying term lengths and geographic considerations to ensure your business is adequately covered.
- Deductibles: Understand the deductibles associated with different policies. Balancing cost and risk is essential.
- Streamlined Claims Process: Prioritize simplicity and effectiveness. Seek an insurance provider offering a streamlined claims procedure that allows you to submit claims quickly and easily. Timely claims settlement ensures operational continuity.
In summary, unlocking the full potential of short-term repossession coverage can mitigate risk for lenders and financial institutions. By recognizing its significance and integrating it into risk management strategies, lenders can safeguard themselves while minimizing financial setbacks.
Note: The information provided in this article is for educational purposes only and does not constitute legal or financial advice. Always consult with legal and financial professionals for specific guidance.
- Property & Casualty
- Specialty Equipment
