Inland Marine (Contractors’ Equipment)

Provides physical damage insurance for the mobile or contractors' equipment located at the insured's premises, job site or while it is in transit. Items that can be included range from employees' tools to scaffolding to cranes and more. If it is used by the contractor to do his/her job and is not licensed for road use, there is a good chance that it is contractors' equipment and should be covered.

There is no standard form to provide this coverage. Coverage comparisons to consider are:

  • actual cash value or replacement cost
  • is the coverage all-risk or named perils?
  • can the coverage be blanketed?
  • automatic coverage for new or replacement equipment
  • leased, rented and borrowed items
  • coinsurance requirement and penalty
  • 'overcapacity' limitation in the form that will deny coverage if the equipment lifts something beyond its stated capacity.

Is this coverage right for you?

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