Falvey Insurance Group recently introduced inland marine insurance coverage, which includes contractors equipment insurance. If your business, or client’s business, transports and operates equipment and tools at job sites, this policy might be right for you or your client.
What is Contractors Equipment Insurance?
Falvey’s contractors Equipment coverage is a policy that falls under the umbrella of Inland Marine insurance. In fact, a contractors equipment coverage policy is associated with equipment risk, the largest class of inland marine insurance.
Inland Marine insurance covers property and assets while in land transit or off-site storage/location such as jobsite, so as its name suggests, contractors’ equipment plans covers contractors’ equipment in particular. This policy differs from standard commercial insurance, which may not always fully cover equipment that’s on the move or stored at a worksite. Examples of related operations or assets that would be covered include tools and equipment, business equipment, or for our specific industry – marine contractors. Due to the nature of contracting work, it would be a solid choice to provide personal property coverage for contractors and can help mitigate the financial impact of damages and loss if something were to go awry at a job site. If needed, this coverage can provide substantial replacement cost for tools and equipment and even typically covers business equipment.
What Does Contractors Equipment Insurance Cover?
Our contractors equipment policies cover a wide range of property, including but not limited to your equipment, leased and rented equipment, tools, and even clothing. In some cases, cleanup and debris removal costs, loaned and borrowed may also be available coverages. Theft is quite prevalent in the industry, and our coverage reaches to these incidents as well. A quick summary of what we cover can be broken down as so:
- Physical Damage: This insurance covers the repair or the replacement cost of equipment that has suffered damage, including fire, vandalism, collision, or natural disasters.
- Theft: It helps to cover against stolen equipment and tools, whether in transit or at storage.
- Transit Coverage: The insurance covers equipment and tools during travel between locations or sites.
- Rental Reimbursement: In some cases, policies can provide replacement costs for the rental of equipment if its damaged or stolen.
- Employee Tools or Borrowed Equipment: Some policies extend this coverage to employee-owned tools and/or borrowed equipment.
What Does Contractors Equipment Insurance NOT Cover?
Coverage does not extend to normal wear and tear, mechanical breakdowns, intentional damage, and unreported equipment.
Who Needs This Insurance Policy?
Trade contractors who transport and use equipment and tools at job sites can benefit from this insurance policy.
Some of the most common trades that purchase this policy include:
- Artisans
- Builders
- Contractors
- Carpenters
- Electricians
- Excavators
- Forestry/Loggers
- Installers
- Masons
- Painters
- Plumbers
- Road Pavers
- Roofers
- Terminal Operations
- Warehousing Operations
- Counties, municipalities, or other government agencies
- Steel erectors
What Type of Insurnace Covers Equipment?
With our coverage policies, we would recommend the mentioned contractors equipment insurance or commercial property coverage. There are several options under a more comprehensive inland marine insurance plan. Inland marine insurance has such a broad array coverage that it is easy to miss what you could be covering; stay on top by identifying some common misconceptions about inland marine insurance.
Builder’s Risk Insurance: Essential Coverage for Contractors
When managing construction projects, contractors need comprehensive insurance solutions to protect their investments. One vital component is Builder’s Risk Insurance, which covers property and materials during construction phase. This insurance is crucial for safeguarding against risks like fire, theft, and natural disasters. Builders Risk Insurance often overlaps with contractors equipment policies, which protects tools and machinery. Additionally, both types of coverage are part of the broader category of inland marine insurance, designed to protect goods in transit and movable property. By integrating these insurances, contractors can ensure their projects and equipment are well-protected from a wide range of potential hazards.
Make sure you know the differences between contractors equipment insurance and commercial property insurance when making your decisions.
Falvey Insurance Group also provides commercial output insurance for its brokers and clients to further protect businesses and assets.
If you think Contractors’ Equipment insurance might be the right avenue for your business, contact us today to learn more.
