Equipment Floater

A form of inland marine insurance, often on an “all-risk” basis, covering various kinds of equipment. This insurance coverage is designed to move with the equipment from job site to job site. An equipment floater policy can cover many types of mobile property, from hand tools to bobcats, skid steers and tractors.

What is Covered by a Contractor’s Equipment Insurance Policy?

Contractors’ Equipment insurance policies provide protection for mobile or contractors’ equipment located at the insured’s premises, at job sites or in transit. Property covered ranges from employees’ tools to scaffolding to cranes, etc. If an item of property is used by the contractor to do a job and is not licensed for road use, it probably qualifies as contractors’ equipment and should be covered. This is a flexible policy that can be tailored to respond to specific situations.

Simplify Shopping for Contractor’s Equipment Floater

Contractors’ Equipment coverage is a form of inland marine insurance, available as an individual, stand-alone policy, or as part of a customized commercial insurance solution.

Understanding What is Covered by a Contractors’ Equipment Policy

Contractors’ Equipment policies from different insurers vary widely in what is covered. Brunswick Companies business insurance specialists will explain the coverage options in language you can understand. It is important to know:

  • Is the coverage for actual cash value or replacement value?
  • Is the coverage all-risk or named perils?
  • Are new or replacement equipment covered automatically?
  • How are leased, rented and borrowed items handled?
  • Is there a co-insurance requirement that could result in a penalty?
  • Is there an “overcapacity” limitation that will deny coverage if the equipment lifts beyond stated capacity?
Coverage options include:
  • Scheduled Contractors’ Equipment Policy or
  • Blanket Contractors’ Equipment Policy for owned contractors’ equipment without specifically scheduling items

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