IM 7012 Equipment Leased Or Rented From Others Endorsement

An American Association of Insurance Services (AAIS) standard form. It covers direct physical loss to contractors' equipment you lease or rent from others, with per-item and per-occurrence limits, actual cash value or replacement cost valuation, and optional reporting conditions that adjust premium to your rental spending.

1. 01 25 edition

   Jan 2025, compared with 07 11Latest edition

   • Separate limits now apply to any one piece of leased or rented equipment and to all such equipment in one occurrence.

     07 11

     Not in this edition

     01 25

     “The most "we" pay for any one piece of equipment that is leased or rented from others is the Any One Piece Of Equipment Limit”

   • With replacement cost valuation, you can claim actual cash value first and later claim replacement cost if you give notice within 180 days.

     07 11

     Not in this edition

     01 25

     “make a follow-up claim later for the replacement cost provided "you" notify "us" of "your" intent within 180 days after the loss or damage”

   • Replacement cost no longer includes the added cost of complying with codes, ordinances or laws.

     07 11

     Not in this edition

     01 25

     “does not include the increased cost attributable to enforcement of or compliance with any code, ordinance, law, or decree”

2. 07 11 edition

   Jul 2011, compared with 07 99

   • Valuation terms were added, with replacement cost not applying until the damaged property is repaired or replaced.

     07 99

     Not in this edition

     07 11

     “Replacement cost valuation does not apply until the damaged or destroyed property is repaired or replaced.”

   • If required reports are not submitted, the most paid is 90% of the limit.

     07 99

     Not in this edition

     07 11

     “the most "we" will pay is 90% of the "limit"”

   • If your last report understates your rental spending, loss payment is reduced in proportion.

     07 99

     Not in this edition

     07 11

     “"we" will only pay a part of the loss”

• Edition in use: in the past 12 months, 9 companies filed the 01 25 edition.
• IM 70 08 (Schedule of Coverages - Contractors' Equipment - Tool Floater) is filed alongside it most often, in 96 of the same filings (99%).

Data from admitted P&C filings with state insurance departments, submitted Oct 2021 to Sep 2026, excluding withdrawn and rejected filings. One filing can cover several affiliated companies.

• IM 70 08Schedule of Coverages - Contractors' Equipment - Tool Floater96 filings
• IM 70 13Equipment Leased or Rented to Others Endorsement96 filings
• IM 70 14Rental Reimbursement Endorsement96 filings
• IM 70 18Percentage Deductible Endorsement96 filings
• IM 70 20Replacement Cost Endorsement96 filings
• IM 70 26Agreed Amount Endorsement96 filings
• IM 70 00Contractors' Equipment Coverage -- Broad - Scheduled Equipment Form95 filings
• IM 70 01Contractors’ Equipment Coverage -- Limited - Scheduled Equipment Form95 filings
• IM 70 02Contractors' Equipment Coverage - Blanket Equipment Form95 filings
• IM 70 15Small Tools Endorsement95 filings