Category: ALInsight

If you lease or finance equipment or commercial vehicles, a professional lease insurance program will provide your small-business customers with real benefits of better coverage, predictable, affordable cost and convenience, while protecting your portfolio.

A well-run lease insurance program provides significant advantages to leasing and finance companies, as well as their customers. Let’s look at the needs of leasing and finance companies first. If you lease or finance equipment or vehicles, a professionally designed and managed lease insurance program will allow you to:

A brief guide to lease insurance programs for equipment leasing and finance companies.

Monitoring insurance coverage is an ongoing concern for equipment leasing and finance companies. It’s necessary to ensure your assets are protected. But doing it well can be cumbersome, time-consuming, and confusing. Can a lease insurance program help? Here’s some information to help you understand how a lease insurance program can work for you.

SUNDERLAND, MA — American Lease Insurance (ALI) has appointed Wally Keane of West Suffield, CT, business development manager. Responsible for developing and nurturing new business relationships, Keane is returning to a role he occupied last in 2009. Keane has more than thirty years of experience in finance and sales, including building a client roster for ALI and cultivating accounts for a national software corporation and regional financial and automotive organizations. He is a graduate of Western New England University.

ANN ARBOR, MI — UniFi Equipment Finance (UniFi) is insuring its portfolio with the American Lease Insurance Agency Corporation (ALI) ProgramSM. UniFi recently updated its leasing software to LeaseTeam’s ASPIRE platform, and sought out ALI to deliver a fully integrated insurance program. According to Ellen Mueterthies, project manager for the ASPIRE integration at UniFi, “Their approach is unique because it revolved around us. Unlike other companies, American Lease Insurance devoted a lot of time to understanding our way of doing business and learning our system in order to perfectly complement our process. They succeeded.”

“ACORD, the insurance industry standards setting organization, has just released a new ‘Certificate of Vehicle and Equipment Insurance’ that all lessors and lenders should now request from their customers and their agents when documenting evidence of insurance on any leased or financed equipment or vehicle,” said Steve Dinkelaker, President of American Lease Insurance Agency Corporation (ALI), Sunderland, Massachusetts. “Called the ACORD 23, the new Certificate combines for the first time on one certificate information about both property and liability insurance coverage for any leased or financed equipment or vehicle.”

August 1, 2010 The insurance industry standards organization, ACORD, has introduced a simplified proof of insurance form for use in documenting coverage on leased or financed commercial equipment or vehicles. The launch of ACORD 23, as it is called, was effective July 30, 2010. For the past several years, the equipment leasing and finance industry has used multiple forms, primarily ACORD 24 and 25, to obtain insurance information necessary to document coverage on leases and finance transactions. Before the launch of ACORD 23, not one of the forms in use was designed to provide ALL necessary insurance information: lessors/lenders often[…]

DEVILS LAKE, ND, May 14, 2010 – Western Finance & Lease (Western) has realized a significant marketing benefit with the American Lease Insurance (ALI) Program. “We already had an efficient funding process, so we were always ‘quick,’ states Western Finance & Lease President Laurie Bakke, “but now with one less step we almost always deliver same-day funding.” The ALI Program eliminates the need to obtain insurance verification as it provides complete portfolio coverage on all eligible assets automatically from contract signing to final payoff or termination. “Most importantly, we know that our portfolio is protected,” adds Bakke. Steve Dinkelaker, ALI[…]

NORTHBROOK, IL, October 15, 2009 – FIRST Insurance Funding Corp. (FIRST) is now providing insurance premium funding for American Lease Insurance (ALI) Program clients, replacing a subsidiary of American International Group (AIG). FIRST CEO Frank Burke comments, “Providing premium funding for ALI clients is a logical extension for FIRST that complements our existing business of premium financing for commercial insurance customers. ALI offers a unique program that allows lessees the convenience of making payment for insurance coverage provided along with their lease payment. We think ALI has developed an impressive insurance offering with substantial growth potential, and we’re very pleased[…]