Equipment Coverage.
16
States
What is equipment coverage:
Equipment coverage, also known as inland marine insurance, protects your tools, machinery and other equipment from property damage and theft. This is a crucial type of coverage for excavation and construction companies to have due to the nature of their line of work.
What is inland marine coverage?
Inland marine is a type of insurance that protects the transportation of materials, equipment and products. It also covers the temporary storage of these items in a warehouse or other location that it is not normally housed at. In essence, inland marine protects your property that is away from your insured premises, such as your company’s primary location.
Most property insurance policies will only cover items that are within 100 feet of the insured’s premises. This why you need an inland marine policy if you transport any tractors, generators, compressors, or any other type of equipment to a job site.
Coverages to ask your agent about:
Depending on the needs of your business, there are coverage options available to ensure all your materials and equipment are covered. In addition, any others’ materials and equipment that are in your possession are covered. Here are a few inland marine coverages to ask your agent about and their intended uses.
Contractor’s Equipment Coverage:
This covers the owned and leased tools and equipment used by a contractor. This includes things like excavators, bulldozers, and scaffolding. With this type of coverage you are generally covered for accidental damage to the tools and equipment, theft and vandalism.
Contractor’s Tools & Equipment Floater:
This coverage is more specific and tailored to the smaller tools and equipment used by your business. Power tools, hand tools, and portable equipment are typically covered by this. Coverage limits are typically lower than Contractor’s Equipment Coverage due to the equipment that is being insured having a lower value.
Installation Floater:
An installation floater provides coverage for materials. Coverage starts when the materials leave the contractor’s business and continues until they are installed.
Transportation Insurance:
This provides coverage for property while it is in transport from job site to job site.
Builder’s Risk Insurance:
This covers construction projects during the course of construction. Normally the structure that is being built is insured, as well as the materials and equipment that is on the jobsite.
