Contractor Equipment Insurance USA – Make Sure Your Policy Protects You!
If you have equipment that you rent or lease, you should review your Contractor Equipment insurance policy for coverage limits and valuables. Some policies may require you to report such items to your insurance company, so be sure to check these details before signing on the dotted line. A policy for valuable equipment can be a valuable investment. This coverage can help you protect your equipment against damage or theft. Read on for more information. Here are some ways to make sure your contractor equipment insurance policy protects you!
Inland marine contractors’ equipment insurance
Inland marine insurance can protect your tools and equipment against damage and loss. It may also provide bailees coverage, which protects your customers’ property while in your care. This type of insurance also protects the goods you transport on motor vehicles. This type of coverage isn’t available in all jurisdictions. However, it offers general protection to contractors and will help cover the costs of repairs and replacements.
Inland marine coverage is beneficial for a wide range of contractors and offers protection for movable property, as well as property in transit. This type of coverage will protect you against problems that traditional policies may not address. This type of coverage is especially useful if you work on projects that require a great deal of portable equipment. Inland marine insurance can also cover your products and equipment, since they travel frequently.
Scheduled coverage for contractor equipment insurance policies only cover items listed in the policy schedule. This detailed list is typically attached to the policy and maintained with the insurer. However, new equipment can be added to the policy after drafting. This type of coverage covers anything that falls under an agreed-upon definition of “covered property.”
Typically, a policy states a specific amount for each item in the business. For instance, if you own a $200,000 piece of equipment, you should schedule that value in your policy. In some cases, you may prefer to schedule a per-occurrence amount rather than an agreed-upon amount. The agreed-upon amount of coverage may not be adequate for older equipment. Depending on the type of coverage you need for your business, you may also want to consider purchasing a blanket amount of coverage for your entire equipment.
Most contracting companies will use a combination of blanket and scheduled coverage for their contractor equipment. When speaking to an insurance broker about your needs, be sure to identify the specific make and model of the equipment, and its estimated value. Once you’ve identified the various types of insurance policies, look for the following coverage elements in each policy:
Insurers will vary in the amount of coverage provided. Some will cover up to five hundred dollars per piece of equipment, while others may only cover up to $10,000 in a claim. When discussing blanket coverage for contractor equipment insurance with your insurance broker, ask if there are any other coverage options available. Some policies may include actual cost value coverage, which only replaces lost property at its present value, which might be less than what you would pay to replace the same item.