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How To Provide Any Insurance Liability Coverage

How To Provide Any Insurance Liability Coverage

Coverage: Contractors Equipment:

Have you ever been driving down the road and alongside the road you see all this expensive contractors equipment used to make roads or widen them? Or have you seen a jobsite where cranes are used along with other types of equipment to put up a building? In seeing these jobsites has it caused you to wonder how insurance coverage is provided for this equipment due to the fact that it moves from jobsite to jobsite? We have an answer to your question on how to provide coverage for contractors equipment as it moves to the various jobsites.

The physical loss of this equipment is covered under a contractors equipment floater policy. The reason floater is used is because the policy provides coverage for the equipment while at the various jobsites and at the contractors permanent yard. epl Insurance Coverage is also afforded while the equipment is in transit. The contractors equipment policy can provide coverage for extremely large equipment to coverage for small hand tools.

The Contractor insurance equipment can be eligible for this coverage by not being licensed for use on the road. If it were licensed, the equipment would need to be covered under an automobile policy. The equipment must be owned or leased by the business for use in the businesss operations. This coverage is meant to provide for equipment used in the business and not the personal property of the owner of the company.

What does the coverage form provide in the way of coverage?

You can get a named peril policy that only covers those perils named in the policy. If the coverage is not stated, it is not covered. You can also obtain an All-risk policy which, if the peril is not specifically excluded, is covered. This is a very broad form of coverage for contractors equipment. The liability coverage for the use of the contractors equipment is provided under your Business owners insurance liability coverage.

Some common exclusions in the all-risk form of contractors equipment are: wear and tear, employee theft, war, voluntary parting, overload, water born losses, and mechanical breakdown. Some of the most basic causes of loss covered are: fire, theft, vandalism, and windstorm. Some policy forms (not all-policy forms) will provide coverage for flood and earthquake (again, this is not true in all policy forms). You need to shop carefully and ask many questions until you are satisfied you have the right form for your business.

by: kat650
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How To Provide Any Insurance Liability Coverage Ashburn