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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.

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