American Lease Insurance Agency Corporation (ALI) provides a comprehensive insurance and service program to equipment lease and finance companies. We also track evidence of other insurance to verify that the leasing or financing company’s portfolio is adequately insured throughout the term of each agreement.
Fax or e-mail evidence to verify coverage. If you are providing insurance on equipment leased or financed by a company we service, you will be asked by your insured customer to verify coverage in order to prevent duplication of coverage and charges. To streamline the process, you may fax evidence of sufficient coverage to us at (888) 228-8430 or e-mail us. Here’s what evidence of coverage should show:
Liability insurance. If liability is required we will need you to provide us the carrier name, policy number, and liability limits on the policy. We will also need to know that the leasing company has been endorsed onto the policy as an “Additional Insured—Lessor of Lease Equipment.”
Property insurance. Is the property coverage “special form,” covering theft as well as accidental damage? This coverage is required by the lease or finance agreement. Again, we will need you to provide us the carrier name, policy number, and evidence that the leasing or finance company has been named as a “Loss Payee” under a “Lender’s Loss Payable” endorsement to the underlying policy covering the equipment.
Lease or contract number. Be sure to include the lease or contract number on all documentation. This will ensure that your submission is applied to the correct lease or contract.
All insurance updates should be addressed to the leasing or finance company, and mailed to the following address:
[Name of Leasing or Finance Company]
c/o American Lease Insurance
654 Amherst Road
Sunderland, MA 01375
We appreciate your assistance. If you have questions, please contact us.