CONTRACTORS EQUIPMENT INSURANCE
WHAT IS CONTRACTORS EQUIPMENT INSURANCE?
Contractors equipment insurance is a broad policy designed to cover damaged or missing construction equipment. A contractors equipment insurance policy, however, can cover more than just heavy equipment; it can also cover small tools, employees’ equipment/clothing, as well as borrowed equipment.
This type of insurance can also help pay for the cleanup after an accident as well as the expedited costs associated with replacing the equipment if it risks putting a job off schedule.
In most cases these policies will be offered on wither a replacement cost basis or actual cash value. If your client chooses actual cash value it is important to get the present values as close to possible.
DOES CONTRACTORS EQUIPMENT INSURANCE COVER THE CLEANUP OF POLLUTION AFTER AN ACCIDENT?Yes. In most cases a contractors equipment insurance policy will provide coverage for the cleanup of pollutants after an accident. An example of this would be an excavator has its fuel tank crack and spill diesel fuel on the jobsite.
WILL CONTRACTORS EQUIPMENT INSURANCE COVER RENTED OR BORROWED EQUIPMENT?
Yes. In most cases equipment that is rented or borrowed will be covered. There typically is a per occurrence limit for both instances where the contractor is renting their equipment to another or they themselves are renting or borrowing someone else’s equipment. These limits vary by our clients needs.