Equipment Rental Agreement
Today's Date: October 22, 2020
Gilded Cinema, LLC
600 S. Spring St. #212,
Los Angeles, CA 90014
Email: [email protected]
Company or Individual Name:
Name of Key Contact (i.e. corporate officer/partner/owner, if different than above): Location of Use:
RENTAL RATE & TERM
PLEASE READ CAREFULLY AS OUR INSURANCE REQUIREMENTS HAVE CHANGED.
YOU MUST INSURE ALL THE EQUIPMENT. You shall, at your expense, and at all times during the rental, maintain in full force and effect insurance covering all equipment rented, from all sources, for full replacement cost, except vehicles which are at actual cash value, and for loss of use (rents) of the equipment. Coverage must begin from the time you or your agents accept delivery of the equipment and continue until the time the equipment is returned. You shall deliver to the Rental Company, upon request, evidence of the insurance coverage, typically a Certificate of Insurance satisfactory to the Rental Company, showing Liability Coverage and Property Insurance, prior to taking possession of equipment. Workers Compensation Insurance is not required. Such insurance shall be written by reputable insurers acceptable to the Rental Company; your insurers shall agree to be the primary insurers of such Equipment during the rental period. Notwithstanding this paragraph, you shall remain primarily liable to the Rental Company, which may enforce its remedies directly against you without resort to your insurance.
PROPERTY INSURANCE. Your insurance should be on a worldwide basis; it shall name the rental Company as Loss Payee for loss or damage to the property rented; it shall cover “All Risks” of loss or damage for equipment; vehicles physical damage coverage shall include the perils of “Comprehensive” and “Collision”; and all policies shall provide for 10 days written notice to the rental company before any policy shall be modified or canceled. Limits shall be sufficient to encompass all property at risk, regardless of source, but in no event less than $1,000,000.
LIABILITY INSURANCE. You shall name Gilded Cinema, LLC as an Additional Insured on your liability insurance and your liability insurance shall be deemed primary insurance in the event of any claim or suit. Liability insurance shall meet the following minimums:
Commercial General Liability: $1,000,000 per occurrence & annual aggregate
Automobile Liability: $1,000,000 combined single limit
Foreign Liability, if filming outside the U.S.A. or Canada: $1,000,000 per occurrence limit
Aircraft Liability, if filming from an aircraft: $5,000,000.
THE RIGHTS OF THE RENTAL COMPANY ARE NOT AFFECTED BY YOUR NONPERFORMANCE. Your insurance shall agree that the rights of the Rental Company under the insurance coverage as described in the preceding paragraphs shall not be affected by any act or neglect or breach of condition by you, other than non-payments of insurance premiums.
Should you fail to procure or pay the cost of maintaining in force the insurance specified in the Rental Contract or to provide the Rental Company upon request with satisfactory evidence of the insurance, the Rental Company may, but shall not be obligated to, procure the insurance and you shall reimburse the Rental Company on demand for its cost. Lapse or cancellation of the required insurance shall be an immediate and automatic default of this agreement.
(Please keep in mind that the Gilded Cinema, LLC rental agreement requires you to be responsible for ALL physical damage including theft of rental equipment. Further, our rental agreement requires you to pay rental charges on damaged or stolen equipment until the equipment can be returned to our normal rental inventory. Generally, we will deal directly you’re your insurance company when a loss occurs. However, simply because there are exclusions in does not relieve you of your responsibility under the Gilded Cinema, LLC rental agreement.)
RENTAL TERMS AND CONDITIONS
THE UNDERSIGNED HAS READ AND AGREES TO ALL TERMS AND CONDITIONS ABOVE.
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Document Name: Equipment Rental Agreement
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