What is contractors' equipment insurance?
As a contractor, your tools and equipment are your livelihood. Having equipment break down or go missing can put your entire business at risk, costing you money and time that you cannot afford to lose. That's where AmTrust's contractors' equipment insurance comes in. Our contractors' equipment insurance covers the risks posed by damage, loss or theft of the equipment used on job and construction sites by many contractors and other businesses. We provide coverage to a wide range of contractors, including (but not limited to):
- Artisan contractors
- General contractors
- Landscaping companies
- Snow removal operations
- Street and road construction
We also cover a wide range of equipment for those contractors, from hand tools to bulldozers. Knowing that your most important equipment is protected in the event of hazards like theft, fire, and vandalism will give you the peace of mind you need to keep your operations running smoothly.
The preferred equipment we cover includes:
- Asphalt equipment
- Cranes (with booms up to 25 ft.)
- Grading equipment
- Hand Tools
- Mowing equipment
- Portable generators/compressors
- Pneumatic tools
- Road building & maintaining equipment
Contractors' equipment coverage is also often referred to as "floating" coverage. That's because even if your tools and equipment move to a new job site, they will still be covered by AmTrust.
Why do I need contractors' equipment insurance?
Contractors' equipment insurance provides peace of mind for contractors and other businesses that rely on the equipment and machinery our policy covers. That equipment is essential to making sure contractors can get their jobs done well and on time. Having equipment out of commission means your business's revenue and your professional reputation could be placed in jeopardy, especially if you do not have the financial means to replace that equipment immediately. With AmTrust's contractors' equipment insurance, you can rest assured that if your equipment is lost, stolen, or damaged, we will go to work immediately to help repair or replace it. We are one of the largest and most reputable insurers in the country, so you can rely on AmTrust to help make sure your equipment and your business keep running smoothly.
What are the benefits of contractors' equipment insurance?
AmTrust's contractors' equipment insurance is both broad and flexible, allowing it to be tailored to suit contractors of all sizes. We provide a wide array of coverage for contractors, including plenty of supplemental insurance to make sure all of your equipment insurance needs are met.
Our coverage options include:
- Fraud and deceit
- Recharge of fire protection equipment
- Small tools coverage
- Reward for recovering stolen equipment
- Spare parts and fuel
- Rental reimbursement
- Replacement Cost
- Leased/rented equipment
- Miscellaneous/unscheduled tools
We also offer blanket coverage for select businesses and also 80, 90, or 100 percent coninsurance options. AmTrust covers direct physical loss for all risks, so you can rest assured that whatever happens to your equipment, we will be there to help you get it back in working order. You will also have access to our online system, allowing you to quickly and easily add policies, access claims, and keep track of your policy information, including your endorsement history, installments, and policy receivables. Contact your agent for contractors’ equipment insurance today.
How do I get contractors' equipment insurance?
Getting contractors' equipment insurance is easy. As mentioned above, our preferred contractors are artisan contractors, general contractors, landscaping companies, snow removal companies, and street and road construction companies. While we will consider other types of contractors and businesses that rely on machinery and equipment covered by our policy, we will generally not consider contractors involved with farming, mining, structural demolition, oil and gas, or drilling/boring operations. We want to make sure AmTrust is the right fit for your company, which is why you should be aware of what types of contractors our insurance policy is suitable for.
In addition to the above mentioned operations, we will not cover the following exposures:
- New ventures
- Equipment licensed for road use
- Waterborne equipment
- Small electronic items including cell phones, laptops or PDAs
- Golf Carts
When applying for AmTrust's contractors' equipment coverage you will be required to submit complete ACORD applications 125 and 146 and three-year, currently valued, hard-copy loss runs. In addition, you must also provide us with a narrative of operations that includes information about your company's equipment maintenance program, where your equipment is stored, details about job site security and equipment security, and what loss prevention measures you have in place. Keep in mind that our coverage is flexible and we are always willing to customize our policies to fit the needs of individual companies. We recommend you talk to an AmTrust agent for more information about how our contractors' equipment insurance can be tailored to your specific situation.