Heavy equipment loss damage waiver (LDW) coverage is a type of insurance that provides protection for damage or loss to heavy equipment, such as construction machinery or industrial equipment. This coverage is typically offered by rental companies or dealerships that provide heavy equipment for rent or lease.
In essence, the LDW coverage protects the renter or lessee from being held liable for damages or loss to the heavy equipment during the rental period. Instead, the rental company or dealership assumes responsibility for the cost of repairs or replacement, up to a certain amount specified in the LDW policy.
Some key features of LDW coverage include:
Coverage for accidental damage: LDW coverage typically covers accidental damage to the rented equipment, such as damage caused by collisions, fires, or vandalism.
Coverage for theft or loss: LDW coverage may also provide protection for theft or loss of the rented equipment, although the exact terms and conditions can vary by policy.