Contractors Equipment Floater Insurance covers your contractor’s equipment and tools that leave your premises and go to the jobsite. Coverage is provided to protect against perils such as theft, vandalism, fire, windstorm, etc. at any location. This policy is called a "floater" because the coverage follows the equipment as it moves in your vehicles or from one jobsite to the next.
Will I need to specify exactly what tools and equipment I have for this policy?
Coverage for loss or damages to tools and equipment may be provided on a scheduled or unscheduled basis. As a general rule, you should specifically schedule any individual piece of equipment with an Actual Cash Value of at least $1,000. When you schedule a piece of equipment on your policy, you must provide the name of the equipment, manufacturer, year of manufacture, serial number, and actual cash value. On the other hand, individual tools and equipment with a value less than $1,000 may be lumped together under a limit for Unscheduled Tool and Equipment
What about borrowed or rented tools or equipment?
In the event that you borrow or rent contractors equipment from others, special arrangements must be made to purchase Non-Owned Equipment coverage. This special coverage is not automatically provided under a Contractors Equipment Floater insurance policy, so you will need to tell us if you would like this added to you policy.
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