Equipment and Tools
Our Contractor’s Equipment coverage is a highly flexible policy with several important options that protect your business. We offer two form options, including an Automatic Acquisition Coverage Form and a traditional scheduled form. Automatic Acquisition Coverage Form eliminates the need to endorse the policy for schedule changes, which ensures that even your newest property is covered (subject to a newly acquired limit). Both coverage forms include coverage for expenses that are often overlooked, such as Debris Removal, Pollution Clean-up, Fire Department Service and Crime Reward. No flood or earthquake exclusions means better coverage and a more competitive product.
- Valuation option: Actual Cash Value (base valuation), Replacement Cost – Replace covered equipment with comparable current model year (subject to insurance to value requirements), Stated Amount, or
- Partial Loss – Elimination of Deduction for Depreciation for losses not exceeding 20%.
You may also choose to take advantage of other optional coverages available for maximum protection of:
- Leased and Rented Equipment from others for your short-term leased/rented equipment
- Rental Expense of substitute equipment
- Borrowed Equipment
- Contractor’s Equipment Plus Endorsement broadens your policy by adding several additional coverages at nominal limits to address your incidental exposures
- Loss of Business Income and/or Extra Expense as a result of a loss to your covered equipment
When you take steps to help protect your equipment, you can save money on your insurance costs. With qualified devices and our Anti-Theft or Tracking Device Endorsements, we waive your deductible for theft to covered property up to $10,000.
Coverage is available on an admitted or non-admitted basis.
- $1,000 minimum premium
- Up to $100 million
Nearly all types of contractors and operations, including:
- Concrete pumping
- Street & road
- Iron & steel erection
- Water & sewer
- Waste water
- Directional drilling
- Port operations
- Airport operations
- Leasing ops – crane leasing, quarry, heavy rigging, land clearing and water-well drilling equipment.
- Underground mining and off-shore construction
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