J.T. Bates Insurance Group, a wholly-owned division of J. Griffin Ricker & Associates that specializes in risk management products for equipment dealers, rental companies and material handling equipment dealers, recently announced a new product available June 25, 2018. Physical Damage Protection (PDP) is the latest addition to the J.T. Bates Insurance Group portfolio of products and provides physical damage coverage for equipment financed for sale or long-term lease.
Jayme Bates, vice president of operations for J.T. Bates Insurance Group stated, “We’ve received overwhelmingly positive feedback from our clients about Rental Equipment Protection and Straight|Docs, so we knew it was time to develop a product to protect our clients’ investments in equipment financed for purchase or long-term lease equipment. We wrote Physical Damage Protection in the same way as Rental Equipment Protection, so the quality of the program has already been proven and this is a way to expand application of coverage.”
Physical Damage Protection features the same all risk coverage as the company’s flagship rental product, Rental Equipment Protection (REP). Common covered perils include but are not limited to: accidental damage, collision, earthquake, falling objects, overturn, tornado, vandalism, weight of load, flood, hail, wind, theft and fire. The list of exclusions is short, including criminal activity, ingestion, mechanical breakdown, missing property, and normal wear and tear. PDP also provides replacement cost on equipment five years old or newer.