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A damage waiver is used by a business who rents vehicles or equipment to clients for use. When a client signs it, they pay a little more to rent the equipment or vehicle, but it protects them in the event that that rental is damaged in some way. Keep in mind that most companies who rent vehicles or equipment will also charge a deductible as well as have limitations for the damage waiver.
A damage waiver is often used by a company who rents vehicles or equipment to other people. The rental company essentially waives its claims against the person renting the vehicle or the equipment in the event that it is damaged. With a damage waiver, the rental company usually charges around 6% - 10% extra to cover the cost of repairing or replacing damaged equipment. Damage waivers usually have exclusions such as gross negligence and abuse of the equipment or vehicle. Damage waivers often have deductibles for the client to pay so that the equipment or vehicle is covered.
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Alternate Names:
A damage waiver is used to help a business recover their monetary losses in the event that the property they rented out to a client is damaged. Usually, a client would pay a deductible in order for the cost of repair or replacement for the equipment to be covered. An exaple of a damage waiver is seen in full coverage car insurance. When someone has full coverage and if they have damage to their vehicle, they pay a deductible before the cost of repair is paid by the insurance company. In addition to the deductible, only certain types of damages are covered and the client pays an increased premium for the coverage. This helps the insurance company cover its possible loss for damages.
A damage waiver can be used by any business who rents a vehicle or equipment to another party.
Common businesses who offer damage waivers include car rental companies, equipment rental companies, tool rental companies, and insurance companies..
How does a damage waiver help a business?
It helps a business because it charges a higher fee to rent the equipment or vehicle as well as usually includes a deductible. There are usually limitations on what is covered. Because most people do not intentionally go out of their way to damage the property of another person, a damage waiver is often seen as a valuable bargain for the renter because they would pay less than the cost of actually repairing or replacing the damaged item.