Downstream Rental Protection Plan Policy
1. Overview
The Downstream Rental Protection Plan ("RPP") is designed to provide financial protection for Downstream when customers rent equipment through the Downstream platform without insurance. This policy outlines the responsibilities, insurance requirements, and financial obligations of the customer ("Company") during the rental period.
2. Insurance Requirements
2.1 Coverage Requirements
The Company must maintain insurance coverage for the full duration of the rental period, including:
General Liability Insurance: Coverage of at least $1 million per occurrence and $2 million in aggregate.
Rented/Owned Equipment Insurance: Single incident coverage equal or greater than the full replacement cost of the rented equipment.
2.2 Additional Insured Requirement
Downstream must be named as an additional insured on both general liability and property insurancepolicies.
The Company is responsible for ensuring that its insurance policies comply with this requirement.
2.3 Blanket vs. Per Asset Insurance Coverage
Customers may provide proof of insurance coverage in one of two ways:
Blanket Policy: If the Company has a blanket policy covering all rented equipment, a Certificate of Insurance (COI) must be provided once per year upon policy renewal.
Per Asset Coverage: If the Company does not have a blanket policy and instead insures individual assets, a COI must be submitted each time a new asset is rented.
2.4 Supplier Insurance Coverage
Downstream may provide insurance coverage to suppliers for equipment rented through the platform.
In the event of any conflict, this agreement between Company and Downstream supersedes any separate agreements between Downstream and suppliers.
3. Company Rental Protection Plans
3.1 Proof of Insurance or RPP Requirement
The Company must either show proof of insurance as outlined in Section 2.1, 2.2, and 2.3 or purchase the Rental Protection Plan ("RPP").
RPP Fee: 15% of the rental charges, plus applicable taxes.
RPP is Not Insurance: The RPP does not function as insurance but instead reduces the Downstream's liability for damaged, lost or stolen equipment.
4. Financial Responsibility & Claims
4.1 Primary Responsibility for Loss or Damage
The Company is financially responsible for any physical damage or theft of the equipment during the rental period, regardless of fault.
This financial responsibility applies whether or not the Company has its own insurance.
4.2 Insurance Claims & Coverage
If damage or loss occurs, the Company will work with Downstream to file a claim under any applicable insurance policy.
Any rental protection plan selected by the Company will not be available until all personal and company insurance options, protection, and/or coverage have been exhausted.
5. Exclusions & Limitations
The Rental Protection Plan does not cover the following:
Any damages to the equipment whether it was unintentional damage, intentional damage or misuse of equipment.
Loss due to negligence or failure to follow safety guidelines.
Damage caused by unauthorized repairs or modifications.
Normal wear and tear that does not affect functionality.
7. Agreement to Terms
By renting equipment through Downstream and opting into the Rental Protection Plan, the Company agrees to the terms outlined in this policy. Any violations of these terms may result in Downstream removing the equipment and additional financial liability.
For any questions regarding this policy, please contact [email protected].