What is an evidence of property insurance for leased tower equipment?

An evidence of property insurance (ACORD form 27 or 28) documents coverage on physical property, as distinct from a certificate of liability insurance (ACORD 25). Tower contractors encounter this requirement when leasing expensive equipment such as crane trucks, bucket trucks, or specialized testing equipment. The lessor requires evidence that their equipment is covered for physical damage during the lease term. The evidence of property insurance shows the inland marine or equipment floater policy covering the leased item, its scheduled value, covered perils (typically all-risk or named peril), deductible, and loss payee information. The lessor is named as loss payee, meaning insurance proceeds for a total loss are paid to them as equipment owner. This is separate from liability coverage, which covers damage the equipment causes to others. For tower contractors financing equipment through lease arrangements, maintaining current evidence of property insurance is a lease covenant. Failure to provide it can trigger lease default provisions. Coordinate with your broker to ensure leased equipment is properly scheduled on your inland marine policy with accurate values and correct loss payee information. Update schedules when adding or returning leased equipment.