My new Trimble S5 with TSC7 (Access)was delivered this week. Perhaps more on that later. I've still got the perfectly serviceable, if highly flawed, Topcon PS with TSC3 (Survey Pro) on hand.?ÿ By spring I hope to have added at least one staff member and have both of these instruments at work most days. Over the winter I expect to have surplus equipment on hand.
Another surveyor I know well is just starting up his business and is interested in renting the Topcon during the next few months. I'm sure that we can arrive at a reasonable daily rate. And I'm confident he will treat it well. But what about theft, accidental damage, or freak breakdowns, while he has it??ÿ What is fair, what are sensible precautions??ÿ Should I have some sort of special insurance for doing this??ÿ ?ÿShould his insurance cover these things?
Perhaps get him to purchase an inland marine policy to cover the equipment and list you as the insured.
I would think if you keep it on the books and have him sign a rental agreement, in that agreement you could set it up however you wanted.?ÿ I would want to see proof of insurance and be provided a COI indicating equipment coverage.?ÿ You could also require a damage deposit at least equal to your equipment policy deductible, especially if this is going to be a longer term or regular kind of situation.?ÿ Although, my dealer doesn't require such things of me on the occasions I need to rent something.?ÿ That's probably because they rent equipment regularly and likely have an insurance policy specifically for that, the cost of which is built into the rental rates.?ÿ?ÿ
The one time I rented some equipment (RTN rover) from a dealer, I had to provide proof of insurance for it.
Sidebar note...
If you intend to rent, maybe do it through a non-professional corporation. That can probably keep you out of our special tax rate...
Looks like an opportunity to unload that Topcon, in the spring if you have added someone you can buy what you want.
Renting my private gear hasn't worked for me, nobody takes care of it like the owner!!!!!!
SHG
The Trimble, with TSC7, was $33k. According to the accountant, with accelerated depreciation, the company will save about $15k on taxes this year, making the outlay around $18k. Presumably the situation would be the same next year. If I can sell the Topcon in the spring for $10k ...... That's only $8k difference between me a 2nd Trimble/TSC7. If I can make a few days rent off it in the mean time that's gravy.