Contractors' Equipment Insurance
Definition - What does Contractors' Equipment Insurance mean?
Contractors’ equipment insurance is an insurance policy that covers specific equipment and tools owned or in possession of a contractor. It provides protection for tools and equipment against perils like fire, theft, vandalism, and flood, among others.
Insuranceopedia explains Contractors' Equipment Insurance
As the name suggests, contractors' equipment insurance is applicable to contractors who usually own or rent costly tools and equipment. Among the equipment covered is mobile equipment or those that a contractor carries from one location to another. Other covered equipment include but are not limited to the following: earthmovers, cranes, bulldozers, forklifts, power shovels, hand tools, draglines, generators, compressors, and concrete mixers. A contractor may also insure equipment in their control, possession and care, even if another contractor owns it.