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HomeMy WebLinkAboutCAG2020-380 - Insurance Certificate - Canon Solutions America, Inc. - Evidence of Commercial Property Insurance - 07/01/2023 ca-HO-H Insurance Center Canon Financial Services Inc. P.O. Box 3547 Bellevue, WA 98009 January 5, 2024 Ways to verify your insurance: Web: agent.gaig.com (agents only) Phone: 800.877.2416 (agents only) Fax: 866.747.3899 CITY OF KENT E-mail: verifyinsurance@gaig.com ATTN: ACCOUNTS PAYABLE Insurance Center Hours: 220 4TH AVE S 6 a.m. - 5 p.m. Pacific, M - F KENT, WA 98032 Subject. How to Fulfill Your Lease Contract's Mandatory Property Insurance Requirement Color Copier - Lease No. 741805-2 Thank you for choosing to lease your new equipment through Canon Financial Services. Your business is important to us, and we look forward to continuing to serve you. Why you are receiving this letter: Your lease contract with Canon Financial Services requires property insurance on the equipment. Selecting the right property insurance provider can make a big difference when it comes to quickly repairing or replacing your equipment and restoring your business to normal operations. Our Equipment Protection Program for Canon Financial Services customers is underwritten by member companies of Great American Insurance Group, and it provides more comprehensive protection than a typical commercial insurance policy, covering even water damage and flood. There is no deductible on claims for damage or loss exceeding $100. Refer to the enclosed card for more details. Choose one of two options to fulfill your insurance requirement: Option 1 - Take no action, and your equipment will remain enrolled in our Equipment Protection Program for a charge of$41.25*, which is conveniently included as the line item "Insurance" on each invoice. This Program charge is fixed for the term of your lease contract and will not increase due to claim activity. Option 2 - Obtain your own property insurance, naming Canon Financial Services, Inc. as Loss Payee. Then, have your insurance agent or broker confirm that your coverage fulfills the requirements specified in your lease contract by either going to agent.gaig.com (24/7) or calling our Insurance Center at 800.877.2416 (6 a.m. to 5 p.m. Pacific, Monday through Friday). If we do not receive sufficient confirmation of insurance within 30 days from the date of this letter, the leased equipment will remain enrolled in our Equipment Protection Program as described above. Thank you for trusting Canon Financial Services to assist you with your equipment leasing needs. We hope you will continue to rely on us for your equipment protection needs as well. If you have any questions about the many benefits of our Equipment Protection Program, please call our Insurance Center at 800.877.2416. Sincerely, Canon Financial Services, Inc. Questions? Please see the reverse side of this letter. FREQUENTLY ASKED QUESTIONS How can my equipment remain protected through your Equipment Protection Program? There's nothing more for you to do—your equipment is already protected. Simply pay the charge for the Equipment Protection Program that will be added to each of your invoices as the line item "Insurance." Protection ends only if your agent or broker confirms that you have your own property insurance on the equipment, naming Canon Financial Services, Inc. as Loss Payee. I already have another lease with Canon Financial Services, so why do I need to confirm my property insurance coverage again? Your lease may be valued at over $125,000. If so, you are required to provide current evidence of insurance. Is my own insurance policy good enough? Some policies are adequate; however, your policy may still leave you at risk for certain perils, and you may be subject to large deductibles, rate increases, or, in certain circumstances, coverage cancellation. What are the benefits of protecting my equipment through your Equipment Protection Program? See the comparison below. COMPARE YOUR OPTIONS Canon Financial Services Equipment Protection Program Typical Commercial Insurance Policy Covers Accidental Damage,Collapse,Employee Theft,Flood, Power Surge,and Theft,in addition to perils covered by a basic Covers a limited number of named perils,including Covered commercial property or business owner's policy,which include Explosion,Fire,Hail,Lightning,Smoke,Vandalism, Perils Burglary,Falling Objects,Fire,Hail,Lightning,Smoke,Transit, Volcanic Action,and Windstorm(Hurricane and Vandalism,and Windstorm(Hurricane and Tornado). Tornado). No coverage for theft by a shareholder,director,owner,or partner. Water All types of water damage are covered,including flood. Typically excludes coverage for water damage,including Damage Mobile Equipment is covered for its replacement cost while being transported May not cover the full value of equipment while in transit Coverage between and at your business location(s)anywhere within the U.S.and or on the job site. Canada,including their territories and possessions. Geographic Rate is not determined by geographic location of equipment. Rate may vary by geographic location of equipment. Location Deductible No deductible for damage or loss exceeding$100. Deductible varies;typically ranges from$250 to$1,000. - - Terms Existing coverage will not be cancelled during the term of your lease Policy is annually renewed.Policy can be cancelled due contract due to damage or loss experience. to loss experience. Cost Pricing is fixed for the term of your lease contract.No increase due to Premium may increase after an insurance claim. claim activity. Repair or The Claims Center works with your vendor to quickly facilitate repair or Many policies are issued on an Actual Cash Value basis. Replacement replacement of the leased equipment with substantially identical The ACV may be less than the actual cost to replace the Coverage equipment. equipment. Service In-house,personal service,and timely claim resolution by experts in Service is often outsourced to third parties who have little Quality equipment claims. expertise in equipment claims. What if I have a claim? Please call our Claims Center immediately at 800.833.3549 to report the details of your claim. What if I have further questions about your Equipment Protection Program? Please call our Insurance Center at 800.877.2416 from 6 a.m. to 5 p.m. Pacific, Monday through Friday. Our knowledgeable representatives will be happy to answer any questions you may have. 'Your company is not an insured, an additional insured,a loss payee,or a third party beneficiary under this policy and only the Lessor's or Lender's interest in the leased or financed equipment is protected. The information In this document is general and should not be considered a complete description of the Equipment Protection Program("Program"). Refer to the Program Specifications document provided by the Insurance Center for a description of applicable terms and exclusions. Enrollment in the Program fulfills the insurance requirement in your equipment lease or finance agreement-A separate Program Charge may be included on the Lessor's or Lender's invoice as the line item"Insurance'or"Equipment Protection Program,"which includes the cost to acquire and maintain insurance on their interest in the leased or financed equipment plus an administration fee that may include a profit component payable to the Lessor or Lender. You will be billed for the Program until you cancel your enrollment,which can be cancelled at any time if you purchase a property insurance policy that fulfills the insurance requirement of your lease or finance agreement,and you provide sufficient proof of coverage.Policies are undeRvritten by Great American Insurance Company, Great American Assurance Company,and Great American Spirit Insurance Company,authorized insurers in all 50 states and DC,Great American Insurance Company,301 E. Fourth St„Cincinnati,CH 45202,The Great American Insurance Group eagle logo and the word marks Great American®, Great American Insurance Group, and Automatic Insurance® are registered service marks of Great American Insurance Company. © Great American Insurance Company.All rights reserved. SatisfyYour Finance Agreement's Insurance Requirement Enrollment in the Equipment Protection Program Requires No Action—It's Automatic Protection Starts When Your Agreement Begins t ,���l.,yr I •y.- i Protection Ends Only If You Cancel Your Enrollment See other side for details Better Equipment Protection Is Easy! • Covers perils included in a typical commercial policy plus many more • Provides repair or replacement of your equipment • Protects equipment immediately—nothing more for you to do GREATAmERICAx INSURANCE GROUP Specialty Equipment Equipment Protection Program Highlights Protection Against Most Perils Covers Accidental Damage,Collapse,Employee Theft*,Flood,Power Surge,and Theft*,in addition to perils covered by a basic commercial or business owner's policy,which include Burglary,Falling Objects, Fire,Hail,Lightning,Smoke,Transit,Vandalism and Windstorm (Hurricane and Tornado). Wo coverage for theft by a shareholder,director,owner or partner. Tailored to Meet Your Business Needs • No deductible—minimum claim amount is$100 • Pricing is fixed for the term of your finance agreement—no increase due to claim activity • Mobile equipment protection—in transit,on job site,and at your business • No location restrictions—equipment is protected while located in Canada and the United States(including their territories and possessions) • Program charge is conveniently included in your regular finance payment Easy Claim Reporting 0 o WEBSITE: CALL: sesclairps.gaig.comiscl (800)833-3549 EMAIL: 0 newclaims@gaig.com To Cancel Enrollment in the Program You may cancel enrollment in the Program at any time by providing sufficient proof of your insurance coverage. *Your company is not an insured,an additional insured,a loss payee,or a third-party beneficiary under this policy and only the Lessor's or Lender's interest in the leased or financed equipment is protected.The information in this document is general and should not be considered a complete description of the Equipment Protection Program("Program").Refer to the Program Specifications document provided by the Insurance Center for a description of applicable terms and exclusions.Enrollment in the Program fulfills the insurance requirement in your equipment lease or finance agreement.A separate Program Charge may be included on the Lessor's or Lender's invoice as the line item"Insurance"or"Equipment Protection Program;'which includes the cost to acquire and maintain insurance on their interest in the leased or financed equipment plus an administration fee that may include a profit component payable to the Lessor or Lender.You will be billed for the Program until you cancel your enrollment.Policies are underwritten by GreatAmerican Insurance Company,GreatAmerican Assurance Company,and Great American Spirit Insurance Company,authorized insurers in all 50 states and DC.GreatAmerican Insurance Company,flagship company of Great American Insurance Group,has been continuously rated"A"(Excellent)or higher by A.M. Best Company since 1908(affirmed 1 2/0 312 0 21).The GreatAmeriran Insurance Group eagle logo and the word marks Great American®,Great Amedcan Insurance Groups,and Automatic Insurance®are service marks of Great American Insurance Company.©2022 Great American Insurance Company.All rights reserved.5437-SES-US(05/22) 71/31/2024 E(MM/DD/YYYY) A�" EVIDENCE OF COMMERCIAL PROPERTY INSURANCE THIS EVIDENCE OF COMMERCIAL PROPERTY INSURANCE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE ADDITIONAL INTEREST NAMED BELOW.THIS EVIDENCE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND,EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS EVIDENCE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S),AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE ADDITIONAL INTEREST. PRODUCER NAME, I PHONE COMPANY NAME AND ADDRESS NAIC NO:19437 CONTACT PERSON AND ADDRESS A/C No Ext: Seattle-Alliant Insurance Services, Inc. Lexington Insurance Company 401 Union Street,31st Floor Princeton Excess and Surplus Lines Insurance Co. Seattle,WA 98101 FAX No:949-756-2713 ADDRESS: IF MULTIPLE COMPANIES,COMPLETE SEPARATE FORM FOR EACH CODE: SUB CODE: POLICY TYPE AGENCY Pro ert cUSTOMERID#:KE583802 P Y NAMED INSURED AND ADDRESS LOAN NUMBER POLICY NUMBER City of Kent 220 4th Avenue South 86456183&SSC0001445 Kent WA 98032 EFFECTIVE DATE EXPIRATION DATE CONTINUED UNTIL 07/01/2023 07/01/2024 El TERMINATED IF CHECKED ADDITIONAL NAMED INSURED(S) THIS REPLACES PRIOR EVIDENCE DATED: PROPERTY INFORMATION ACORD 101 may be attached if mores ace is re uired ❑x BUILDING OR ❑x BUSINESS PERSONAL PROPERTY LOCATION/DESCRIPTION THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT,TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS EVIDENCE OF PROPERTY INSURANCE MAY BE ISSUED OR MAY PERTAIN,THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. COVERAGE INFORMATION PERILS INSURED I I BASIC I I BROAD X I SPECIAL COMMERCIAL PROPERTY COVERAGE AMOUNT OF INSURANCE: $10,000,000 DED:$100,000 YES NO N/A ❑ BUSINESS INCOME ❑ RENTAL VALUE X If YES,LIMIT: Actual Loss Sustained;#of months: BLANKET COVERAGE X If YES,indicate value(s)reported on property identified above:$ 10,000,000 TERRORISM COVERAGE X Attach Disclosure Notice/DEC IS THERE A TERRORISM-SPECIFIC EXCLUSION? X IS DOMESTIC TERRORISM EXCLUDED? X LIMITED FUNGUS COVERAGE X If YES,LIMIT: DIED: FUNGUS EXCLUSION(If"YES",specify organization's form used) X REPLACEMENT COST X AGREED VALUE X COINSURANCE X If YES, % EQUIPMENT BREAKDOWN(If Applicable) X If YES,LIMIT:$10,000,000 DED:$100,000 ORDINANCE OR LAW -Coverage for loss to undamaged portion of bldg X If YES,LIMIT:Included DIED: Demolition Costs X If YES,LIMIT:$10,000,000 DED:$100,000 Incr.Cost of Construction X If YES,LIMIT:$10,000,000 DED:$100,000 EARTH MOVEMENT(If Applicable) X If YES,LIMIT:$10,000,000 DED:$100,000 FLOOD(if Applicable) X If YES,LIMIT:$10,000,000 DED:$100,000 WIND/HAIL INCL ❑YES ❑ NO Subject to Different Provisions: X If YES,LIMIT: DIED: NAMED STORM INCL ❑YES ❑ NO Subject to Different Provisions: X If YES,LIMIT: DIED: PERMISSION TO WAIVE SUBROGATION IN FAVOR OF MORTGAGE X HOLDER PRIOR TO LOSS CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. ADDITIONAL INTEREST CONTRACT OF SALE LENDER'S LOSS PAYABLE X LOSS PAYEE LENDER SERVICING AGENT NAME AND ADDRESS MORTGAGEE NAME AND ADDRESS Canon Financial Services, Inc. Insurance Center AUTHORIZED REPRESENTATIVE P.O.Box 3547 Bellevue,WA 98009 g no». �•(��a ©2003-2015 ACORD CORPORATION. All rights reserved. ACORD 28(2016/03) The ACORD name and logo are registered marks of ACORD AGENCY CUSTOMER ID: KE583802 LOC#: A�o ADDITIONAL REMARKS SCHEDULE Page 1 of 1 AGENCY NAMED INSURED Seattle-Alliant Insurance Services, Inc. City of Kent 220 4th Avenue South POLICY NUMBER Kent WA 98032 86456183&SSC0001445 CARRIER NAIC CODE Lexington Insurance Company 19437 EFFECTIVE DATE: 07/01/2023 ADDITIONAL REMARKS THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, FORM NUMBER: 28 FORM TITLE: EVIDENCE OF COMMERCIAL PROPERTY INSURANCE REMARKS: Policy#86456183;Carrier: Lexington Insurance Company;75%Primary$1 OM. Policy#SSC0001445;Carrier:Western World Insurance Company;25%Primary$1 OM. RE: Lease with Canon Financial Services, Inc.for 65 printers/copiers. Canon Financial Services, Inc.is included as Loss Payee. ACORD 101 (2008/01) ©2008 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD DATE(MM/DDIYYYY) A�" CERTIFICATE OF PROPERTY INSURANCE 1/31/2024 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER. PRODUCER CONTACT NAME: Jamie Arnoldi Seattle-Alliant Insurance Services, Inc. PHONE FAX 401 Union Street, 31 st Floor LA/C. /C No Ext:949-627-7000 A/c No), Seattle WA 98101 ADDRESS: Jamie.Arnoldi@alliant.com PRODUCER KE583802 CUSTOMER ID: License#:OC36861 INSURER(S)AFFORDING COVERAGE NAIC# INSURED INSURERA: National Union Fire Insurance 19445 City of Kent 220 4th Avenue South INSURER B Kent WA 98032 INSURER C INSURER D INSURER E INSURER F: COVERAGES CERTIFICATE NUMBER: 1257054579 REVISION NUMBER: LOCATION OF PREMISES/DESCRIPTION OF PROPERTY (Attach ACORD 101,Additional Remarks Schedule,if more space is required) THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT,TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN,THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR TYPE OF INSURANCE POLICY NUMBER POLICY EFFECTIVE POLICY EXPIRATION COVERED PROPERTY LIMITS LTR DATE(MM/DD/YYYY) DATE(MM/DD/YYYY) PROPERTY BUILDING $ CAUSES OF LOSS DEDUCTIBLES PERSONAL PROPERTY $ BASIC BUILDING BUSINESS INCOME $ BROAD CONTENTS EXTRAEXPENSE $ SPECIAL RENTALVALUE $ EARTHQUAKE BLANKET BUILDING $ WIND BLANKET PERS PROP $ FLOOD BLANKET BLDG&PP $ INLAND MARINE TYPE OF POLICY $ CAUSES OF LOSS $ NAMED PERILS POLICY NUMBER $ A X CRIME 012613886 7/1/2023 7/1/2024 X Theft $2,500,000 TYPE OF POLICY X Deductible $100,000 BOILER&MACHINERY 1 $ EQUIPMENT BREAKDOWN $ SPECIAL CONDITIONS/OTHER COVERAGES (ACORD 101,Additional Remarks Schedule,may be attached if more space is required) RE: Lease with Canon Financial Services, Inc.for 65 printers/copiers. CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF,NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. Canon Financial Services, Inc. Insurance Center P.O. Box 3547 AUTHORIZED REPRESENTATIVE Bellevue WA 98009 A.'' ll @ 1995-2015 ACORD CORPORATION. All rights reserved. ACORD 24(2016/03) The ACORD name and logo are registered marks of ACORD