Loss Damage Waiver
A Loss Damage Waiver (LDW) is an optional protection plan that may protect them from ongoing financial responsibility for leased property impacted by covered loss or covered damage which protects you from the financial responsibility in case of accidents, theft, or other unforeseen events.
Customers that opt into Liability Damage Waiver coverage are protected from ongoing financial responsibility for further lease agreement costs when a wide range of unexpected events that harm their leased merchandise occur, such as fire, theft, flooding, and natural disasters. Once a covered Liability Damage Waiver claim is successfully filed and processed, the customer will no longer be responsible for future payments coming due on the account. The customer would still be financially responsible for any past-due payments, NSF fees, and late fees. Please note that Liability Damage Waiver coverage is not a type of insurance.
At OKINUS, our LDW applies to all our product offerings, ensuring that customers are covered regardless of the item they lease. The waiver fee is conveniently included in the total lease payment amount, providing peace of mind throughout the lease term.
To File a LDW claim, contact us through our website, email, or by mail. To expedite your claim, please tell us your full name and account number, and send us any supporting documentation you may have. For example, a picture of the damaged property or a filed police report for the stolen property.
While you can cancel LDW anytime by contacting us, you cannot add it after the initial contract is signed.
LDW can be beneficial for those looking for added protection and peace of mind, but its value depends on individual risk tolerance and existing insurance coverage. We hope this answers any questions you may have on what our loss damage waiver is. Our friendly staff are here to answer any additional questions you may have. Call, email or chat live online at www.okinus.com.
