American Lease Insurance Agency Corporation (ALI) provides a comprehensive insurance 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.
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 email us or fax evidence of sufficient coverage to us at 888-228-8430.
Here’s what evidence of coverage should show:
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.
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.”
Please 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.
If you are providing insurance documentation by mail, correspondence should be addressed to the leasing company, and mailed to the following address. Please do not submit duplicate documentation.
c/o American Lease Insurance
654 Amherst Road
Sunderland, MA 01375
We appreciate your assistance. If you have questions, please contact us.