The nvisin tool built around this: Rental Manager.
How it works
The waiver is typically 10–15% of the rental charge, added to each invoice. If the unit is damaged by accident during the rental, the customer pays nothing or a set deductible, and the rental company covers the rest of the repair. If the customer declines the waiver, they're responsible for the full cost of repair or replacement, often with proof of their own insurance.
Waivers almost always exclude some things. Common exclusions are theft without a police report, damage from misuse or overloading, unpaid fuel, cleaning, and loss through negligence. The exclusions matter more than the percentage, so they belong in the rental agreement in plain words, with the customer's initials beside them.
Worked example
| Item | With waiver | Without waiver |
|---|---|---|
| Weekly rent, scissor lift | $420.00 | $420.00 |
| Damage waiver (12%) | $50.40 | $0.00 |
| Bent guardrail, repair cost $1,150 | $250.00 deductible | $1,150.00 |
| Customer pays | $720.40 | $1,570.00 |
Common mistakes
- Calling it insurance. In many places only a licensed insurer can sell insurance, so describe it as a waiver.
- Vague exclusions. "Misuse" means nothing unless examples are listed.
- No photos at delivery. Without a record of how the unit went out, any damage claim is weak, waiver or not.
- Not checking the law. Some states and provinces regulate how damage waivers are sold and described. Check before you add one.
Related terms
- Rental agreement: A rental agreement is the contract between a rental company and its customer for a unit: what is rented, where it goes, the rate and billing cycle, who is responsible for damage, and how the rental ends.
- Off-rent (off-hire): Off-rent, called off-hire in the UK, Australia and parts of Canada, is the point at which a customer tells the rental company they're finished with a unit and the rent stops.
Further reading
- Rental Manager: the nvisin tool built around this