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Insurance Simply Explained

What Is Insurance Coverage?

Insurance coverage is financial protection provided by a 3rd party in the event the Insured party suffers damage caused by another party. Without insurance the party who causes the damage is responsible for the damage itself.

Insurance company’s charge a “Premium” for what they feel they have the likelihood of paying out on the insured’s behalf.


Types of Insurance

There are many different types of insurance, and Ski Cat Company requires the following insurance at the values stated in the Lease, to be provided by the Lessee.

Property Coverage

This type of insurance covers the “Property” i.e., the Snowcat itself. In the event of any damage to the Snowcat, Ski Cat Company is covered by the Lessee or their insurance for damages to the machine. These damages might be minor, or they could be the total value to replace the equipment. This coverage is also known as Inland Marine Coverage.

The Lessee will provide coverage for the replacement value of the machine naming Ski Cat Company as the Insured.

Auto Liability Coverage

Insurance company’s treat Autos as a separate category. They require specific insurance related to Auto’s that isn’t necessarily covered by the insurances above. If the Lessee transports the Ski Cat Snowcat on public roads at any time during the lease, the Lessee is required to provide Auto coverage naming Ski Cat Company as an additional insured with a waiver of subrogation.

General Liability Coverage

This type of insurance covers the actions of the Lessee and protects the Lessor from those actions.

Every day, we all face the risk of what we do while driving, saying things, or even just having people over at your house. This type of coverage, protects the Lessor from any actions by the Lessee that the Lessor didn’t contribute too. This insurance coverage is also known as Liability Insurance. The Lessee will provide coverage naming Ski Cat Company as an insured with a waiver of subrogation.

Workers Compensation Coverage (if applicable)

This coverage protects Ski Cat Company from any Workers Compensation claim or insurance payout related to an employee of the Lessee. Ski Cat Company will require that any such coverage waives subrogation (the right of the insurance carrier to recover the payout) for claims against Ski Cat Company in the event of a Workers Compensation claim associated with the Lessee.

What Is a Deductible?

An insurance deductible is an amount you pay before your insurance pays. Insurance premiums vary depending on the amount of the deductible. In the event of an insurance claim, the Lessee will have to pay the deductible first before the insurance pays for the rest. When providing the above insurances, consider your deductible amount will be paid from your own pocket.

Where Do I Get Insurance?

Ski Cat Company can refer you to insurance providers. If you already have these types of policies for your business with these types of coverages, Ski Cat Company can be added to these existing policies.

Contact Us Today for More Information