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Business owners often do not realize that their business personal property coverage is limited to fixed locations specified in the policies. If you own equipment that moves between jobsites or other locations, you need to consider an equipment floater policy that will cover this type of equipment. This policy can often be purchased at a relatively low cost.

A contractors equipment floater insurance is used to pay for damages to a contactor’s equipment caused by, among others, theft, fire, vandalism, water damage and breakage. For equipment that is less than five years old, the insurance coverage is used to pay for the cost of repairing the equipment or replacing it with new equipment. For older equipment, the insurance coverage is used to pay for the repair or replacement, but based on actual value.

Often Equipment Floaters are extended to include equipment rented, leased or borrowed by and insured contractor while the property is in the posession of the insured.

If you would like more information about Equipment Floaters, or would like a quote to protect your own tools and equipment, just call your Aloha Insurance agent. We're here to help.

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