Tools & Equipment

When you want to protect your tools and equipment from some of the most common risks faced by contractors and construction professionals, tools and equipment insurance is the solution.  Usually referred to as "Inland Marine Insurance" because the coverage "floats" wherever your tools go, a tool and equipment policy can provide coverage for perils such as theft, vandalism, fire, and various other types of loss.

Contractors need more than property insurance to protect their business assets. Whether you specialize in residential or commercial construction, you most likely transport your tools and equipment to and from project sites regularly. This means there is an increased risk of theft and loss to your business assets which could result in a major disruption to your business.


How Tools and Equipment Insurance Works

You can protect your tools and equipment with an inland marine floater. Inland marine is designed specifically to protect the tools and equipment you transfer from project to project.  Generally this insurance covers:

  • Small miscellaneous tools and equipment such as hand tools, powertools, and lower valued items generally under $1,000.
  • Scheduled equipment coverage for high valued pieces of equipment such as forklifts, tractors, loaders, welders, trenchers, or any item valued over $1,000.

If the equipment you need is stolen or destroyed, tools and equipment coverage protects you from paying out of pocket to replace it.  Generally coverage is offered on an actual cash value basis, meaning, tools are depreciated in value based on normal wear and tear.  


Different Types of Inland Marine Coverage

There are multiple types of inland marine floaters that can help cover you against loss.  Following are some of the most common types that we often encourage our contractor clients to consider when evaluating their exposure to loss:

  • Installation Floater - covers materials at the job site prior to installation.
  • Property in Transit Floater - covers property in transit against the risk of loss.
  • Rented Leased and Borrowed Equipment Coverage - covers tools and equipment you rent from rental yards on a primary basis.
  • Electronic Data Processing Coverage - covers laptop computers, or computer related equipment in the field.

At Beach & O’Neill Insurance Associates we are experienced in finding the right insurance solutions to help contractors protect their assets.  We can help you evaluate your risk and assist you with customizing the right insurance solutions for your company's needs.