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Installation Floater Insurance

Backing up your business is essential; protecting your assets is principal. AT PBIB, we can save you up to 40%!

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As a contractor you’re constantly worried about hitting deadlines, protecting equipment and watching the weather. Since contractors have to deal with many complex issues there are some additional policies that one should consider for increased protection.

Installation Floaters cover specific materials / items that a contractor is planning to install. This covers either all risks or specific sources of losses for materials or equipment specifically named in the policy. We can help you add an Installation Floater to your Builder’s Risk policy.

An example, you’re a contractor working on a project installing new plumbing in a commercial building and you naturally have your extra materials and tools stored on site. In the middle of the night a fire breaks out on the property and in the storage area thus your material and tools are destroyed. Depending on the policy your builders’ risk policy may not cover your equipment in this case, but if you have an installation floater you will have that extra layer of protection.

One of the biggest risks contractors face is theft of their tools, equipment, machinery or materials. Don’t leave your assets you need defenceless to face that risk without adequate protection. Contractors can safeguard themselves from financial loss by protecting the smaller assets that help get the job done with the right insurance coverage.

When do you need an Installation Floater?

  • When the cost to replace materials due to fire or theft or exceeds your comfort level.
  • A contractual requirement of the owner or prime contractor.

What is covered?

  • Your company tools and scheduled equipment over $2500 in value.
  • Coverage for tools and equipment is provided while in storage, or at the jobsite or in transit.
  • Rental Equipment (Optional Coverage) allows you to rent equipment and not pay the rental companies high insurance charges.
  • Theft or damage to tools or equipment while in storage, transit or on the jobsite.
  • Temporary replacement or rental of equipment until repairs can be made or new equipment can be acquired.

What is not covered?

  • Borrowed tools or employee tools unless endorsed to the policy.
  • Tools or equipment over $2,500 in value NOT scheduled.
  • Theft of unprotected tools & equipment.
  • Wear & Tear or rust damage.

At Pascal Burke Insurance Brokerage Inc. (PBIBInc), our knowledge of the products and the marketplace we serve is unparalleled. As former contractors, we know the construction industry from the ground up!