Meridian OneCap provides a quick and easy way for you to fulfill the insurance requirement of your finance agreement. As our customer, you are automatically enrolled. If you choose to purchase your own policy, please provide sufficient proof of coverage to us, and your enrollment in the Program will be cancelled.
Program benefits
- Covers perils included in typical commercial policy plus many more such as theft, flood and wind
- Provides repair or replacement of your equipment
- Protects equipment immediately – nothing more for you to do
- No deductible – minimum claim amount is $100
- Program charge is conveniently included in your regular lease or finance payment
For questions or additional information, please send an email to Client.Service@meridianonecap.ca, or give us a call at 1-866-986-6738.
Why do I need insurance?
Your lease or finance agreement requires that your equipment have sufficient insurance. This is a requirement of the financial institution before they will fund the transaction.
Why am I being billed for insurance (Program Charge)? I never authorized it.
Because your lease or finance agreement requires insurance, and as a customer convenience, we offer the Program to help you easily fulfill the insurance requirement and avoid the risk of being unprotected. Plus, this coverage is often broader than a standard commercial or businessowners policy, providing added peace of mind.
Isn’t my own insurance policy good enough?
Some policies are adequate; however, your policy may still leave you at risk for certain perils, and you may be subject to large out of pocket deductibles, rate increases, or in certain circumstances, coverage cancellation. You should check with your agent or broker.
Can my Program enrollment be canceled?
Yes; you will need to have your agent or broker provide sufficient proof of other insurance coverage to our Insurance Center. Also, if you do obtain your own insurance coverage, the policy must name Meridian OneCap as a loss payee.
What determines the Program charge?
The charge for participating in the Equipment Protection Program is based on the type of equipment and its value, and the term of the lease or finance agreement. The charge may also include an administrative fee, payable to Meridian OneCap. This administrative fee covers the cost to obtain protection and maintain the program.
Why must Meridian OneCap be named as a loss payee?
Meridian OneCap’s parent company, is the owner of the equipment. Naming Meridian OneCap as a loss payee means that any claim settlement payment will be paid directly to Meridian OneCap.
Can equipment that is not part of my lease or finance agreement be covered by the Equipment Protection Program?
No; this Program is available exclusively for equipment leased or financed through Meridian OneCap. If your other equipment is leased or financed through another institution, it is not eligible for this Program.