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Tools & Equipment / Builders Risk
What is Tools & Equipment Insurance? Why do I need it?
- No protection for stolen tools by General Liability or Commercial Auto policies
- What would it cost to replace your equipment if stolen? How much work would you lose as a result?
- Covers small tools, as well as larger equipment. Larger items are identified and insured individually
- Coverage of rented and leased equipment is available, if needed
What is a Builders Risk policy? Why do I need it?
- Also referred to as a “Course of Construction” policy
- Provides coverage from loss or damage to the job site such as work in progress
- Available to homeowners, developers, contractors
- Example: a fire burns a partially completed house down. Builders Risk pays for the replacement of materials and labor lost.
- Theft/Vandalism is also covered, Earthquake coverage and overrun limits are also available
- Coverage can include property in transit and materials stored off-site
- Does not cover injury or any type of liability
- Premium is based on completed value, location, construction method and deductible level
- Normally ends when project is completed or in 12 months, whichever comes first
- No return of premium if policy is cancelled before 12 months
This is only a general summary of the coverage of this type of policy. You should refer to the actual policy for coverage limits, exclusions and other conditions.