Look around your construction site and do some quick calculations. You could have millions of dollars of equipment that you own or lease on your site at one time. You could face significant losses due to theft, accidents, vandalism, fire or other causes. Our Contractor’s Equipment coverage is a highly flexible policy with several important options that protect your business.
Introducing Equipment Pro®!
Great American’s New and Most Comprehensive Contractor’s Equipment Product
Recognizing the Changing and Increasing Exposures for All Types of Contractors
With our Contractor’s Equipment coverage, your clients can rest easy knowing their equipment is well-protected by a highly adaptable policy. This allows them to concentrate on their work, while we handle the concerns.
Advantages
- Scheduled or Reporting - For owned equipment or equipment of others in your care, custody, or control.
- Unscheduled Option - Available for owned equipment.
- Target Any Sized Contractor - Highly adaptable policy protects the equipment of any size operation, from small-scale local contractors to large commercial construction companies.
- Easy Access - Online quote, bind and issue system, GREATpolicy®, available for schedules under $3 million and items up to $500,000.
- Included Coverage - For small watercraft, drones, and land motor vehicles.
- Perils Included - Fire, water, earth movement, theft, wind-related and other perils.
- Dynamic Rating Methodology - Provides insureds with premium credits for years in business and favorable loss experience.
- Valuation Options
- Actual Cash Value
- Replacement Cost
- Stated Amount
Additional Included Coverages
Leased, Rented or Borrowed Equipment from Others
- Coverage for equipment leased, rented or borrowed from others for less than 12 months.
- Included Limits: $50,000 any one item / $100,000 all such equipment (higher limits available for additional premium).
Continuing Rental Expense
- Coverage for continuing rental or lease payments, when payment is required under an agreement when the rental equipment is damaged by a covered cause of loss and must be removed from use.
- Included Limits: $5,000 any one month / $10,000 any one policy year (higher limits available for additional premium).
Leased, Rented or Loaned to Others
- Coverage for loss to scheduled equipment while it is leased, rented or loaned to others.
- Included Limits: $50,000 any one item / $100,000 all such equipment (higher limits available for additional premium).
Employee Tools and Work Clothing
- Coverage for loss to employee tools and work clothing while at a job site, in or on vehicles used for business or at owned locations.
- Included Limits: $2,500 any one employee / $5,000 all such equipment (higher limits available for additional premium).
NEW Office Furniture, Fixtures, and Equipment
- Coverage for loss to office furniture, fixtures and equipment. This coverage applies as excess of any other insurance.
- Included Limits: $5,000 any one item / $10,000 all such items (higher limits available for additional premium).
Consequential Loss to Undamaged Attachments
- Coverage for the reduction in value of undamaged attachments that resulted from the loss of covered contractor’s equipment.
- Included Limit: $10,000 any one direct physical loss (higher limits available for additional premium).
Rental Expense of Substitute Contractor’s Equipment
- Coverage for the rental expense of substitute contractor’s equipment when covered equipment suffers a loss and no suitable owned equipment is available to continue normal operations.
- Included Limits: $500 any one working day / $5,000 any one policy year (higher limits available for additional premium).
NEW Spare Parts and Supplies
- Coverage for spare parts, accessories and supplies used for servicing covered equipment.
- Included Limit: $10,000 (higher limits available for additional premium).
Crime Reward
- Reimbursement for rewards paid to individuals that provide information leading to the arrest and conviction of person(s) who committed a crime that resulted in a loss to covered property.
- Included Limit: $5,000 (higher limits available for additional premium).
Debris Removal
- Coverage for expense to remove debris of covered property after a loss.
- Included Limits: 25% of applicable limit, up to $75,000 (higher limits available for additional premium).
NEW Expediting Expense
- Coverage for the necessary additional expenses to make repairs to equipment, such as costs to expedite replacement parts or materials, additional labor expense and the extra cost of express freight or other rapid means of transportation.
- Included Limit: $25,000 (higher limits available for additional premium).
Fire Department Service Charge
- Coverage for the fire department charges when the fire department is called to save or protect the covered property from loss.
- Included Limit: $25,000 (higher limits available for additional premium).
NEW Inflation Protection
- When there is a total loss to covered property and the value of the property exceeds the limit of insurance due to inflation, provides coverage for increase up to percentage stated in policy declarations.
- Included Limit: 3% (higher limits available for additional premium).
Loss Data Preparation Expense
- Coverage for actual expenses of preparing a Statement of Loss or any other exhibits required in connection with any claim.
- Included Limit: $10,000 (higher limits available for additional premium).
Pollutant Clean Up and Removal
- Coverage for the necessary expenses to extract pollutants from land or water if the release, discharge or dispersal of pollutants results from a loss to covered property.
- Included Limit: $25,000 (higher limits available for additional premium).
NEW Protection and Preservation of Property
- Coverage for expenses incurred to move covered property to avoid imminent loss.
- Included Limit: $50,000 (higher limits available for additional premium).
Recharge of Fire Extinguishing Equipment
- Coverage for the expenses to recharge fire extinguishing equipment mounted on covered equipment, whether it discharges accidentally or as a result of protecting or saving equipment from loss.
- Included Limit: $50,000 (higher limits available for additional premium).
NEW Warranty or Service Contract
- Coverage for prorated unused costs of nonrefundable or nontransferable warranties or contracts due to loss of covered equipment.
- Included Limit: $10,000 (higher limits available for additional premium).
Additional Optional Coverages
Lift Exceeds Capacity Coverage
- Coverage for loss due to the weight of the load exceeding capacity of the equipment.
NEW Contractor's Equipment of Others in Transit
- Coverage for loss to others’ equipment while in your custody for the purpose of transporting the equipment for others.
Business Income and Extra Expense
- Coverage for the loss of business income due to the necessary suspension of operations following a loss. Also, coverage for extra expenses incurred to continue normal operations following a loss.
Waterborne Coverage
- Coverage for loss to scheduled equipment while the equipment is waterborne.
NEW Voluntary Parting Coverage
- Coverage for loss due to voluntary parting with any covered property due to fraudulent scheme, trick or false pretense.
NEW Errors and Omissions Coverage
- Coverage for a scheduled item of property that is not covered due to an error or unintentional omission.
Leasing and Rental Contingent Coverage
- Coverage for loss to covered property leased or rented to others without providing an equipment operator. Must obtain signed lease or rental agreement and proof of insurance from lessee.
Expert Claims and Loss Control Services
When you need to make a claim, you want to work with experts who understand your loss and what to do. That’s why our claims professionals specialize in inland marine. Our staff of loss control experts will work with you to help improve the safety and security of your operations for better risk management and cost savings.