When you finance TV or internet equipment through EmpireTV’s financing partners—such as Ascentium Capital or Mitsubishi Capital—you’ll receive a letter requesting proof of insurance. We understand this can be confusing, so here’s a quick guide to help you understand what it is, why it’s needed, and how to take care of it quickly.
Why Is Insurance Required?
When equipment is financed, it technically belongs to the financing bank until the balance is paid off. Just like a leased car or mortgage-backed property, the lender needs to ensure their asset is protected in case of damage, theft, or loss.
That’s why, as part of your financing agreement, you’re required to provide proof of insurance on the equipment.
What Do You Need To Do?
In most cases, the equipment installed at your facility is already covered under your facility’s existing property insurance policy. The first step is simple:
✅ Reach out to your insurance company or broker and ask if the site equipment is covered under your current policy.
✅ If yes, ask them to send a certificate of insurance (COI) showing this coverage and email it to:
Make sure the insurance certificate meets the following requirements:
• Lists the insurance company name and policy number
• Clearly describes the covered equipment or lists the contract/serial number
• Names Regions Bank d/b/a Ascentium Capital, ISAOA as the Loss Payee
• Includes physical damage coverage (theft, fire, and vandalism)
• Minimum coverage amount: The financed amount listed in your letter
What If You Don’t Have Coverage?
If you don’t currently have insurance or can’t add the equipment to your policy, the bank offers an optional insurance program for $50/month. This cost can be added to your monthly financing payment to ensure you’re covered and in compliance with the contract.
Questions?
We’re here to help. Reach out to us anytime at 📧 billing@empiretv.co or speak with your account manager.