CIA Insurance Services

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.