RH,
Isn't your loop supposed to be an Update instead of an Insert?
Update tbl_RateSchedule_NEW
Set tbl_RateSchedule_NEW.EquipmentType = tbl_EquipmentTypeValidValues.EquipmentType
From tbl_RateSchedule_NEW, tbl_EquipmentTypeValidValues
Where tbl_RateSchedule_NEW.EqTypeID =...