Lienholder & Lessors:

If there is a lien against any of the equipment (bank, finance company), the Insurer/Broker must know about that because the required proof of insurance must be sent to that lienholder. The proof is sent in the form of "OPCF 23 - Mortgage" added to the policy, with the lienholder's name and address specified on the Change Form (OPCF = Ontario Policy Change Form). If equipment is leased on a long term basis (more that 30 days), then the equipment must be insured just the same as if it is owned, except the lessor's name and address is specified on the "OPCF 5 - Permission to Rent or Lease Automobile(s) and Extending Coverage to the Specified Lessee(s)" and added to the policy. It is also noted on the OPCF 5 which specific equipment it is referring to. If equipment is leased for less than 30 days, than an "OPCF 27B - Business Operations - Liability for Damage to Non-owned Automobile(s) in you Care, Custody or Control" must be added to the policy. This Change Form will specify the non-owned auto type (tractor or trailer), the limit, and the deductible.

Something to note here and widely misunderstood - if a carrier rents or leases his equipment to others, his policy does not cover that (truck or trailer). This exclusion is found in the OAP 1 wordings.