Inland Marine Part 3

Question 1

What does a contractors equipment policy cover?

Answer 1

Tools and equipment that a contractor uses to complete a project. Examples include a crane, backhoe, bulldozer, generator, or tools

Question 2

What property is not covered in contractors equipment policies?

Answer 2

Aircraft or watercraft
Contraband
Leased or rented property
Underground mining operations
Vehicles for highway use
Waterborne property

Question 3

What are some coverage extensions on the contractors equipment policy?

Answer 3

Debris removal (25% + $5,000)
Employee tools ($5,000 per occurrence)
Equipment leased or rented from others ($25,000 per occurrence)
Newly purchased property (up to 60 days, 30% of catastrophe limit)

Question 4

How is a contractors equipment policy loss valued?

Answer 4

Can be ACV, RC, or Agreed Amount