Insurance and risk
contents coverage
Contents coverage is protection for the items stored inside a container. PODS explains two kinds of protection: contents protection covers the container and your contents against accidents, burglary and vandalism in listed settings, and container-only protection covers just the container. Terms and exclusions vary by company.
Why it matters
A customer who loads a container with furniture needs to know who pays if something is lost or damaged. Provider coverage may have limits, exclusions and rules on proof of value. A home or renters policy may or may not cover items in a rented container. A common mistake is to assume the damage waiver covers belongings. It often covers only the unit. Customers should read the plan, list valuable items and call their own insurer. Operators should explain clearly what is and is not covered. This is not insurance advice.
Read: What not to store in a portable storage container
Definition source: pods.com
Related terms
damage waiver
A damage waiver is an optional fee in a rental agreement that limits what the renter owes if the rented unit is damaged. RentalModo's guide gives sample contract language saying a Loss and Damage Waiver, if elected, limits liability for physical damage only. Terms and exclusions differ by company.
bailment
A bailment is a transfer of possession of property without a transfer of ownership. Cornell's Legal Information Institute defines it that way. The person who delivers the item is the bailor, and the person who receives it is the bailee. The bailee must usually return the item.
inland marine insurance
Inland marine insurance is property coverage for items that move or sit away from a fixed location. NAIC says it covers property in transit, held by a bailee, at a fixed location, or movable goods often at different locations. Progressive describes it as coverage for tools, equipment and products stored away from your business.
cargo insurance
Cargo insurance protects goods that a carrier hauls for others. Progressive Commercial describes motor truck cargo insurance as protecting goods and materials transported by for-hire truckers against events such as fire, collision and theft. It protects both the carrier and the cargo owner.
rental agreement
A rental agreement is the contract that sets the terms for renting a container or similar unit. RentalModo says it is usually two or three pages. It covers the rate, minimum term, damage rules, delivery and pickup, and fees. The fine print is often in clauses that renters skim.
certificate of insurance
A certificate of insurance is a document that summarizes an insurance policy and gives proof of coverage. GEICO says it shows the type of coverage, policy limits, effective dates and who is covered. It does not replace the actual policy or give coverage rights to the requester unless that person is an additional insured.
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