This article originally appeared at Delmarva Document Solutions.
If you’ve opened your copier or multifunction printer lease invoice and noticed an unexpected line for Equipment Insurance, you’re not alone. This charge surprises customers every month – especially those who already carry business insurance. The good news: the fee is legitimate, it’s common, and in most cases, you can remove it quickly with the right documentation.
At PDS Proven IT Colorado, we help businesses across Colorado understand their printer leases, reduce unnecessary costs, and keep their billing predictable. Below, we explain exactly what this fee is, why leasing companies like GreatAmerica Financial Services and PEAC Financial Services apply it, and how to get rid of it.
What Is the Equipment Insurance Fee on a Copier Lease?
The Equipment Insurance fee is a charge added by your leasing company to protect the copier or printer they own while it’s in your office. Until your lease ends, the equipment belongs to the lender – not your business – so they require it to be insured against loss, theft, fire, or damage.
If the leasing company does not receive acceptable proof that the equipment is covered under your existing business insurance, they automatically enroll you in their insurance program. This is why the fee appears as:
- Insurance Charge
- Property Damage Protection
- Loss Protection Plan
- Asset Protection Fee
Typical cost: $10–$50+ per month, depending on equipment value and the leasing provider.
Why Leasing Companies Add This Fee Automatically
Every leasing company must confirm its equipment is insured. If they don’t have proof on file, they must protect their asset – which means adding their own insurance policy by default.
From our experience at PDS, the fee usually appears because:
- A COI (Certificate of Insurance) was never submitted
- A policy expired and wasn’t updated
- A business changed insurance carriers
- The leasing company’s system was unable to match your COI to your account
The important thing to know is: you’re not stuck with this fee.
How to Remove the Equipment Insurance Charge
Steps to Remove the Fee
- Request a Certificate of Insurance (COI) from your insurance agent.
- The COI must include:
- Your business name and address
- Your insurance carrier
- Policy number and effective dates
- Leasing company listed as Loss Payee
- Equipment make/model and value
- Contact your leasing company (see contact info below)
- Request removal of the insurance/asset protection fee and provide the COI
- Wait for confirmation (normally 1–2 billing cycles).
PEAC’s Asset Protection Team:
Email:
insurance@peacsolutions.com
Mail:
Marlin Leasing Corp dba PEAC Solutions
PO Box 367
Marlton, NJ 08053
Questions:
(877)733-4433
GreatAmerica’s Insurance Department:
Fax:
(305) 259-4577
Email:
gamail@assurant.com
Mail:
Insurance Verification Center
PO Box 202134
Florence, SC 29502-2134
Questions:
(800)625-1291
Ready to stop paying unnecessary insurance fees?
If you’re seeing an Equipment Insurance line on your lease bill, you don’t have to keep paying it. All it takes is sending your leasing company a Certificate of Insurance (COI) that lists them as the Loss Payee.
Once the COI is on file, the insurance charge is removed, and in some cases, past fees may even be credited.
Send in your COI today and eliminate the extra monthly cost for good.
