Why keeping track of asset finance agreements can feel like wading through fog
Trying to keep track of your equipment leasing agreements, and develop a clear picture of whether your customers have adequately insured leased equipment can sometimes feel like wading through fog, in the dark.
When the onus is on the customer to insure the equipment under the lease agreement, very often lessors have no real idea of whether their equipment is actually or adequately insured. But keeping track is a cumbersome, resource heavy task.
Outsourcing the tracking of your portfolio to a specialist can relieve the administrative burden and will provide a clear insurance status across your leased portfolio. Without this clarity, lessors can be open to risk; where damaged equipment is business critical, there may be disruption to lease payments for the period where cash flow is impeded, at worst, inadequate cover may result in lawsuits to mitigate against significant financial loss.
Acquis track the insurance status on over 600,000 leased assets for the life of the agreement. By obtaining evidence of insurance, policy details and an understanding of the nature of the insurance product and the extent of cover, lessors are able to determine the quality of the policy to ensure the cover is adequate and due diligence has been conducted.
A fully managed insurance tracking service will help clear the fog surrounding leased equipment and ensure the leased portfolio is secured.