Contingent and Excess Liability Insurance: when you need it, you need it
As the legal owner of leased assets, your business risks being sued if your equipment or commercial vehicle is involved in an accident within the U.S. and its territories.* Should a vicarious liability lawsuit be filed to collect damages from you, it is necessary to defend yourself and legal fees can mount up quickly. This insurance helps cover the cost of a lawsuit.
Contingent Liability Insurance protects you, the lessor, when the lessee has no insurance.
Excess Liability Insurance extends the limits of the contingent liability coverage when the lessee does not have enough insurance.
*Available for only equipment in Canada