Common use of Insurances and Indemnities Clause in Contracts

Insurances and Indemnities. 11.1 The Customer must purchase insurance from EquipmentShare for the duration of the Rental Period unless EquipmentShare has agreed to the Customer making their own insurance arrangements for the Equipment. 11.2 If a claim is made on the insurance provided by EquipmentShare, the Customer will pay to EquipmentShare the following excess payments immediately on demand: (a) In-use Excess of 2.5% of Equipment value ($2500 minimum); and (b) Static Excess of 1% of Equipment value ($1000 minimum). 11.3 If the Customer is making their own insurance arrangements: (a) The Customer’s insurance policy must note the interests of EquipmentShare as lessor of the Equipment, and the Equipment Owner; (b) The insurance arrangements must be approved by EquipmentShare, their creditors and insurers; (c) The Customer warrants that their insurance policy meets the following requirements: (i) The Equipment will be insured for its full insurable replacement value; (ii) The Customer will be insured against public liability to property or persons caused by the Customer or by the use of the Equipment for the duration of the Rental Period; (d) The Customer will punctually pay all premiums and costs payable for the insurance and will comply with all requirements under the policy; (e) Any excess payable under the insurance policy will be paid by the Customer on demand; (f) The Customer will apply all insurance proceeds recovered and in the Customer’s control to the repair or replacement of the Equipment as directed by EquipmentShare in its sole discretion. The Customer will not apply any proceeds recovered to any other property or purpose without first obtaining written consent from EquipmentShare; (g) The Customer accepts all liability for all costs, losses, and damages to the Equipment including loss of ability to re-hire the Equipment and loss of revenue and any loss of or damage to vehicles and property of third parties arising during the Rental period regardless of whether their insurer covers or pays out these costs; and (h) The Customer will provide EquipmentShare with all documentation requested by EquipmentShare to establish that the insurance held is satisfactory including a Certificate of Insurance and/or Letter of Endorsement verifying that the Customer holds and carries policies meeting the above criteria and containing the specified endorsements; 11.4 The Customer indemnifies EquipmentShare for the full cost of repair or replacement of the Equipment for any damage or loss caused during the Rental Period which is not covered by EquipmentShare’s insurance policy. 11.5 If EquipmentShare is deprived of the benefit of any insurance money due to the act, omission, negligence or default of the Customer the Customer will pay to EquipmentShare all amounts that would be otherwise payable to EquipmentShare under an insurance policy. 11.6 To the extent permitted by law, the Customer releases EquipmentShare from any claim, action, damage, loss, liability, cost or expense which EquipmentShare incurs or is liable for in connection with any loss, damage, claim or injury arising out of the performance of the Customer’s duties under this Agreement except to the extent caused or contributed to by EquipmentShare’s negligence or default.