Tools and Equipment Insurance

Tools and equipment insurance is designed to protect your high-value movable property. This is also known as inland marine insurance, protects your hard-working assets from common risks like: theft and damage, whether in a storage, on the jobsite or while transporting tools in your vehicle.

As a contractor or construction professional, you regularly transport the tools, equipment, and supplies you need to get the job done. Tools and equipment insurance ensures your items’ replacement should an accident, theft, or loss happen.

What Does Tools & Equipment Insurance Cover?

Tools and equipment insurance commonly includes coverage for the following types of property:

• Property in transit, such as contractor’s tools and supplies
• Mobile equipment, such as forklifts, dozers, track hoes, maintainers, loaders
• Computer equipment and data, such as accounting software, lead-tracking data, policies, procedures, and other electronic assets

From the smallest hand tools to larger equipment such as welders, nail guns, generators and other high-value items, replacement costs can add up fast if your tools are stolen or damaged. With tools and equipment coverage, your investment in these assets is protected.

Optional Coverages

The following optional coverage can be added to most policies to meet the needs of the contractor.

• Leased equipment coverage
• Borrowed equipment coverage
• Rental cost reimbursement coverage
• Coverage for employees’ tools and work clothing

When do you need Tools & Equipment Insurance?

• Everyone needs tool coverage; loss can happen at any time.
• In today’s environment a tool & equipment policy is essential as it follows your tools and equipment, from storage, transit and at the jobsite.

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 must be scheduled
• Theft of unprotected tools & equipment
• Wear & Tear or rust damage.