Glenco Protection Plan
Glenco Protection Plan (“GPP”) is an optional product that modifies certain terms of the Equipment Rental Agreement entered into between Glenco Rentals Ltd. and Lessee.
IF YOU ELECT NOT TO UTILIZE THE GPP OFFERED BY THE LESSOR, PROOF OF PROPERTY INSURANCE IN ACCORDANCE WITH SECTIONS 20-24 OF THE EQUIPMENT LEASE AGREEMENT. THE PURCHASE OF THE RENTAL PROTECTION PLAN FOR RENTALS OF EQUIPMENT IS OPTIONAL AND MAY BE DECLINED IF YOU HAVE PROOF OF INSURANCE AS REQUIRED BY THE EQUIPMENT LEASE AGREEMENT.
GPP IS NOT INSURANCE. GPP IS AVAILABLE TO LESSEES IN CONNECTION WITH THE RENTAL OF EQUIPMENT FROM GLENCO RENTALS AND MUST BE EXECUTED SIMULTANEOUSLY WITH A RENTAL AND SERVICE AGREEMENT.
FOR AN ADDITIONAL CHARGE, GPP OFFERS A DAMAGE WAIVER TO LIMIT YOUR FINANCIAL RESPONSIBILITY FOR DAMAGE TO, OR THEFT OF, THE EQUIPMENT. BEFORE DECIDING WHETHER TO PURCHASE THE DAMAGE WAIVER. YOU MAY WISH TO DETERMINE WHETHER YOUR OWN INSURANCE COVERAGE AFFORDS YOU COVERAGE FOR DAMAGE TO OR THEFT OF THE EQUIPMENT AND THE AMOUNT OF THE DEDUCTIBLE UNDER YOUR OWN INSURANCE COVERAGE.
TERMS AND CONDITIONS
In return for payment of the fee set forth herein and the Equipment Rental Agreement, Glenco Rentals agrees to limit its rights under the Equipment Rental Agreement as follows:
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DAMAGE WAIVER
Subject to the exclusions set forth herein, Glenco Rentals waives its right to collect amounts from the Lessee exceeding the lesser of 10% of replacement value of the Equipment, 10% of the cost of repairs, or $500 plus applicable provincial and federal taxes, from losses arising from theft of or direct physical damage to the Equipment.
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USER
Lessee agrees that the Lessee, its duly authorized employees and representatives shall be the only users of the Equipment, and that the Lessee will not use the vehicle in violation of any terms of the Equipment Rental Agreement or applicable law.
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EXCLUSIONS
Glenco Rentals will not waive any claim for loss or damage to tires and tubes caused by blow out, bruises, cuts, punctures or other causes inherent in the use of the Equipment: or any damage whatsoever resulting from intentional misconduct or negligence of the Lessee in the use or handling of the Equipment, or use otherwise in breach of the terms of this GPP. Such losses shall remain subject to the terms of the Equipment Rental Agreement.
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FEE
Lessee shall pay a fee equal to 15% of the rental charges under the Equipment Rental Agreement, plus applicable provincial and federal taxes, in exchange for participation in the GPP as set forth herein.