Contractor’s equipment insurance is an essential part of any construction firm’s insurance program. Commercial property insurance covers a business’s personal property while it is at a location listed on the policy, but it does not cover property that moves among different locations. Business automobile insurance does insure property that moves around, but it does not cover “mobile equipment” — property such as bulldozers, loaders, digging equipment, and power tools that the business uses off its own premises. Power tools may cost only a few hundred dollars, but large pieces like backhoes and excavators may be worth tens of thousands of dollars. To properly insure such property, the firm needs contractor’s equipment insurance.
The property covered on a contractors equipment insurance floater might range from simple hand tools to very large cranes. Virtually any type of mobile equipment or tool can be insured.
The equipment covered can be used in a wide variety of operations such as, home improvements to strip mining. It might be used to build roads, buildings, pipelines, or many other types of structures.
The coverage provided is for direct physical loss to the equipment. Rental reimbursement coverage can be added by endorsement to cover the cost of renting substitute equipment if covered property is out of service by a covered cause of loss.
We have competitive markets for various types of commercial equipment and other hard to place waterborne equipment.