Contractor Equipment Insurance

Contractor Equipment Insurance is crucial for several reasons. It provides financial protection by covering repair or replacement costs of damaged equipment, helping contractors avoid significant financial loss. Timely replacement or repair minimizes project delays, ensuring job continuity. Many contracts require contractors to carry equipment insurance, ensuring compliance with contractual obligations.

These policies can be customized to meet the specific needs of various contractors and industries, offering coverage beyond what general liability policies typically include, especially for specific tools and machinery. This insurance offers peace of mind by allowing contractors to focus on their operations without worrying about potential equipment losses.

What Contractor Equipment Insurance Covers

• Owned Equipment:
  Protects heavy machinery, tools, and equipment owned by the contractor (e.g., backhoes, excavators, cranes).
• Leased or Rented Equipment:
  Covers damage or loss to equipment rented for temporary use.
• Mobile Equipment:
  Provides coverage for mobile tools and machinery not licensed for public roads.
• Accidental Damage:
  Insures against unintentional damage caused during usage, transport, or storage.
• Theft:
  Covers the loss of equipment due to burglary or theft from job sites or storage locations.
• Weather-Related Damage:
  Protects against damages caused by storms, floods, hail, or other adverse weather events.
• Fire or Vandalism:
  Covers destruction or damage due to fire or malicious activities.
• Transit Coverage:
  Insures equipment while it’s being transported between job sites.
• Newly Acquired Equipment:
  Temporary automatic coverage for new equipment added during the policy period (typically up to a limit).