Contractor's Inland Marine (Property)
Contractor's Inland marine is an insurance policy that covers products, materials and equipment while being transported or while stored temporarily at a job site or warehouse. It can also cover small tools, employees’ equipment and clothing, and borrowed equipment.
Contractor's Inland marine is an insurance policy that covers products, materials and equipment while being transported or while stored temporarily at a job site or warehouse. It can also cover small tools, employees’ equipment and clothing, and borrowed equipment.
In the event of a covered loss, contractors equipment coverage can even help pay for the removal of debris and cleanup after an accident. Contractors insurance also helps cover losses due to theft and can help pay the costs to expedite a project that is off schedule as the result of a covered loss.
What does inland marine insurance cover?
A contractors equipment insurance policy covers tools and equipment, typically based on replacement cost coverage. Age of the tool or equipment, at the time of loss, may determine whether the coverage is aa replacement cost basis, and if not, with the option to purchase additional replacement cost valuation options. Tools and equipment that are purchased after a contractors equipment insurance policy takes effect will automatically be covered for a period of time. This way the newly purchased equipment is covered while the commercial contractor has time to update their policy.
Commercial contractors that may have an assortment of tools that are smaller and unique. Often, these smaller tools are not scheduled in a contractors equipment insurance policy. Most carriers will provide commercial contractors with coverage for these unscheduled, miscellaneous tools up to predetermined value per item for any one occurrence.
Contractors equipment insurance may also cover costs of cleanup and removal of pollutants resulting from a covered loss.
A contractors equipment insurance policy covers tools and equipment, typically based on replacement cost coverage. Age of the tool or equipment, at the time of loss, may determine whether the coverage is aa replacement cost basis, and if not, with the option to purchase additional replacement cost valuation options. Tools and equipment that are purchased after a contractors equipment insurance policy takes effect will automatically be covered for a period of time. This way the newly purchased equipment is covered while the commercial contractor has time to update their policy.
Commercial contractors that may have an assortment of tools that are smaller and unique. Often, these smaller tools are not scheduled in a contractors equipment insurance policy. Most carriers will provide commercial contractors with coverage for these unscheduled, miscellaneous tools up to predetermined value per item for any one occurrence.
Contractors equipment insurance may also cover costs of cleanup and removal of pollutants resulting from a covered loss.