Product Update

Contractors Equipment Coverage Discussion Expanded in Commercial Property Insurance

This Commercial Property Insurance release provides a revised and expanded discussion of contractors equipment coverage—insurance on the large items of mobile equipment that are used by contractors in construction projects and sometimes by other types of organizations as well. Builders risk policies almost always exclude contractors' equipment, since it is not destined to become part of the structure. Commercial property policies usually do not exclude contractors' equipment, but they generally do not provide adequate coverage on this type of property. The reason is that commercial property policies are basically designed to insure property at fixed locations and typically provide only very limited coverage on property that is away from scheduled locations or in transit from one location to another. Contractors equipment policies are inland marine insurance policies that are tailored to address the mobile nature of this property and the unique hazards to which it is exposed.

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