Company Standard Waiver Settings

The parameters in this window only apply when your firm has activated the 'Standard DW Calculation' based on the discounted rental charges on the document, and can be used to setup the Loss and Damage Waiver controls to ensure your customers have sufficient coverage for loss and damage of equipment rented.

Damage Waiver codes are setup in Waiver Codes with taxes and the G/L posting accounts.
The amount to charge for Damage Waiver is always calculated as a percent of the rental being invoiced for the period.
The percent to charge can be a flat company rate, or can be determined by the division, or at the customer level, according to the waiver code.
Complex waiver options can be developed using multiple rates defined at each level, to trigger a selection when the document is entered.
Only one percent rate can apply to the rentals on a document.
Specific Rental Product Classes can be flagged as Damage Waiver exempt.
e.g. small tools, or scaffolding

The tunable parameters include:

RESPECT WAIVER CODES BY CUSTOMER

Uncheck this box if your firm always charges standard waiver rates at the company or division level for damage or loss of equipment for eligible customers.
The option to setup and utilize customized waiver rates by individual customer in Customer Information is then disabled.

Check this box if specific customers are sometimes charged special waiver rates on a document, that may differ from the company or division standards.
Special waiver rates can then be assigned to multiple waiver codes for individual customers in the Waiver Codes by Customer window in Customer Information, so that the customer's rate will over-ride the company or division rates for the same waiver code.
When this feature is activated, it is activated for customers and documents from all divisions.

When this 'Respect Waiver Codes By Customer' is set at the company level and 'Allow User Access to Waiver%' flag is set in the Divisional Contract Parameters the operator has the ability to over-ride the percent rate to be charged for the waiver in document entry in the Damage Waiver pop-up window.
This divisional control is set according to the division of the document, regardless of the operator division.

USE DAMAGE WAIVER PER ITEM VALUE LIMITS

This parameter provides the ability to restrict equipment rental according to equipment value, and to ensure that the customer has sufficient waiver and insurance coverage for the equipment Replacement Cost should it be lost or damaged.
This parameter does not impact the amount to be charged for the waiver, as that is always based on a percent of the rental charges, but it does restrict the customer's use of waiver to the setting assigned in Customer Information in the Damage Waiver field, so that only customer's flagged as 'Optional' have the choice to accept or decline the Damage Waiver on the document.

Note: The equipment value limit is not a cumulative check. The Replacement Cost on the individual product in Rental Inventory is checked independent of other equipment on rent.
To restrict customers by total equipment value out, use the Rental Value Limit feature outlined in Customer Credit Information.

Uncheck this box if product value, customer insurance, or the Damage Waiver requirement, should not impact the ability to rent equipment to Cash or On Account customers.
All customers can then accept or decline a Damage Waiver on the document, and the Damage Waiver flag assigned in the Customer Information only becomes the default.

Check this box to consider the value of equipment when determining whether equipment can be rented, and also to determine the associated Damage Waiver and insurance requirements to enable the rental.
The Damage Waiver flag assigned in the Customer Information will be enforced for Cash and On Account customers, so that so that only customers flagged as 'Optional' have the choice to accept or decline the Damage Waiver on the document.

Note: When the Use Damage Waiver Per Item Value Limits feature as activated then open documents cannot be updated automatically when changes to the DW flag or Waiver percent are made in the Customer Information and so the prompt to update open Contracts, Reservations and Quotes is suppressed.

The Test Damage Waiver Per Item Limits utility can be used to experiment and understand how the waiver and insurance requirements are applied to specific customers and products.

SUPPRESS PRINT FOR NO LIMIT CUSTOMERS

Check this box to suppress the Rental Value Limit message from printing in the comments of the 'Contract' and 'Delivery Ticket' documents when the customer does not have any limit set.

Uncheck this box to always print the Rental Value Limit message on 'Contracts' and 'Delivery Tickets'.

If your firm selects to Use Damage Waiver Per Item Value Limits, set the minimum and maximum product values to be respected for the waiver for Cash and for On Account customers, as follows:

• Cash Customer Conditions:

  CASH CUSTOMER WAIVER MINUMUM

  Set the starting rental product value that would require Damage Waiver coverage for Cash customers.
  Rental equipment with a Replacement Cost per unit that is below this value, can be rented by the Cash customers, with or without Damage Waiver.

  Note: With this processing Cash customers flagged to require Damage Waiver, must always pay the waiver charges and the waiver amount cannot be set to zero.

  Replacement Cost Over Minimum:
  

  • Cash customers that are flagged not to pay Damage Waiver as defined in the Customer Information, cannot rent equipment with a value greater than this minimum, without sufficient valid insurance coverage to cover the Replacement Cost for equipment.
    Insurance is setup for each customer in the Insurance Information and expired insurance is not accepted.

  • For Cash customers that accept the Damage Waiver, the Damage Waiver covers any equipment up to the Cash Customer Waiver Maximum, and nothing valued over the maximum can be rented.

  Note: Certain Rental Product Classes can be flagged to Charge Damage Waiver.
  When a product from this class is put on a document for a Cash customer, the prompt for Damage Waiver will be triggered, and must be accepted in order to rent this item.

  
  CASH CUSTOMER WAIVER MAXIMUM

  Set a maximum rental product value that a Damage Waiver will cover for Cash customers.
  Rental equipment with a Replacement Cost per unit that is greater than this value, can never be rented by the Cash customer, with or without Damage Waiver or Insurance.

• On Account Customer Conditions:

  ACCOUNT CUSTOMER WAIVER MINUMUM

  Set the starting rental product value that requires Damage Waiver or valid insurance for On Account customers. Rental equipment with a Replacement Cost per unit that is below this value, can be rented by the On Account customers, with or without coverage.

  Note: If this insurance/waiver requirement for your firm's On Account customers should only apply to very expensive high risk equipment, set this minimum at a high dollar amount so lesser value product rentals are not restricted.

  Replacement Cost Over Minimum:
  

  • On Account customers that do not accept the Damage Waiver must have sufficient valid insurance to cover the Replacement Cost for equipment over the Account Customer Waiver Minimum.
    i.e. On Account customer cannot rent equipment valued over his insurance limit
    Insurance is setup for each customer in the Insurance Information and expired insurance is not accepted.

  • When On Account customers accept the Damage Waiver, the waiver covers any equipment up to the Account Customer Waiver Maximum after which sufficient valid insurance is required.

  
  ACCOUNT CUSTOMER WAIVER MAXIMUM

  Set a maximum rental product value that a Damage Waiver will cover for On Account customers, after which the customer must have additional insurance.
  Even when the On Account customer takes the Damage Waiver, if the rental equipment has a Replacement Cost per unit that is greater than this maximum, the equipment can only be rented if the customer's insurance covers the difference in this Account Customer Waiver Maximum and the Replacement Cost.

TEST DAMAGE WAIVER PER ITEM LIMITS

Window to access the test utility to understand how the Damage Waiver requirement will be applied to a specific customer, as outlined in Test Damage Waiver Per Item Limits.

WAIVER CODES

Once the waiver codes have been setup in the Waiver Codes window they can then be assigned a rate at the Company, Division, and/or Customer level, to apply to rental equipment on Contracts, Reservations, and Rental Quotes.
Window to access the Company Waiver Code Maintenance.

Finished?

Click OK to accept the settings and exit the Damage Waiver Parameters window.