{"id":7174,"date":"2024-05-08T06:00:00","date_gmt":"2024-05-08T13:00:00","guid":{"rendered":"https:\/\/www.businessinsuranceusa.com\/news\/?p=7174"},"modified":"2026-06-04T10:26:48","modified_gmt":"2026-06-04T17:26:48","slug":"equipment-floater-insurance-guide-for-contractors","status":"publish","type":"post","link":"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/equipment-floater-insurance-guide-for-contractors\/","title":{"rendered":"What is Equipment Floater Insurance for Contractors?"},"content":{"rendered":"\n<p class=\"yoast-reading-time__wrapper\"><span class=\"yoast-reading-time__icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-icon=\"clock\" width=\"20\" height=\"20\" fill=\"none\" stroke=\"currentColor\" style=\"display:inline-block;vertical-align:-0.1em\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M12 8v4l3 3m6-3a9 9 0 11-18 0 9 9 0 0118 0z\"><\/path><\/svg><\/span><span class=\"yoast-reading-time__spacer\" style=\"display:inline-block;width:1em\"><\/span><span class=\"yoast-reading-time__descriptive-text\">Estimated reading time: <\/span><span class=\"yoast-reading-time__reading-time\">4<\/span><span class=\"yoast-reading-time__time-unit\"> minutes<\/span><\/p>\n\n\n\n<p>Equipment Floater Insurance, often called a contractor\u2019s equipment floater or tools-and-equipment coverage, is designed to protect valuable equipment that moves between job sites. Unlike a standard commercial property policy, which is often tied to a specific premises, an equipment floater is typically written as <a href=\"https:\/\/www.businessinsuranceusa.com\/inland-marine-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">inland marine coverage<\/a> that can follow your equipment while it is being transported, stored temporarily, or used off-site.<\/p>\n\n\n\n<p>Because construction and specialty trades rely on mobile assets every day, this coverage can be a practical part of a contractor\u2019s risk management plan. It helps reduce the financial impact of a covered loss so projects can continue with less disruption.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-does-equipment-floater-insurance-cover\">What Does Equipment Floater Insurance Cover?<\/h3>\n\n\n\n<p>Most equipment floaters are intended to cover direct physical loss or damage to mobile tools and equipment at job sites, in transit over land, and sometimes at temporary storage locations.<\/p>\n\n\n\n<p>Covered property often includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hand and power tools (for example, drills, saws, compressors)<\/li>\n\n\n\n<li>Mobile equipment and machinery (for example, skid steers, forklifts, excavators)<\/li>\n\n\n\n<li>Other contractor equipment that is moved from location to location<\/li>\n<\/ul>\n\n\n\n<p>Common covered causes of loss include theft, fire, and <a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/vandalism-insurance-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">vandalism<\/a>, plus other causes depending on whether the policy is written on a named-peril or special-form basis. Always review the causes of loss section and endorsements to confirm what is included and what is excluded.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-equipment-floater-insurance-often-does-not-cover\">What Equipment Floater Insurance Often Does Not Cover<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Licensed vehicles<\/strong> (work trucks, vans, and cars). These are typically insured under <a href=\"https:\/\/www.businessinsuranceusa.com\/business-auto-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">commercial auto<\/a>.<\/li>\n\n\n\n<li><strong>Third-party liability<\/strong> (injury to others or damage to someone else\u2019s property). That is usually handled by <a href=\"https:\/\/www.businessinsuranceusa.com\/general-liability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">general liability insurance<\/a>.<\/li>\n\n\n\n<li><strong>Wear and tear, breakdown, or maintenance-related issues.<\/strong> Mechanical failure is often excluded unless you carry separate <a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/equipment-breakdown-coverage-for-contractors\/\" target=\"_blank\" rel=\"noreferrer noopener\">equipment breakdown coverage<\/a>.<\/li>\n\n\n\n<li>Certain catastrophic perils (for example, <a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/does-business-insurance-cover-flood-damage\/\" target=\"_blank\" rel=\"noreferrer noopener\">flood<\/a> or earthquake) unless specifically endorsed.<\/li>\n<\/ul>\n\n\n\n<p>Policies may also include conditions and sublimits, such as limits for theft from unattended vehicles or requirements for secured storage. Ask your agent to walk you through these details before binding coverage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-contractors-buy-equipment-floaters\">Why Contractors Buy Equipment Floaters<\/h3>\n\n\n\n<p>Contractors buy this coverage to reduce the financial shock of losing equipment that keeps work moving. A major theft or fire loss can cause downtime, replacement delays, and unexpected cash strain. An equipment floater can help pay for covered repair or replacement costs, subject to the policy\u2019s deductible, limits, valuation method, and claim approval.<\/p>\n\n\n\n<p>In some cases, project owners, <a href=\"https:\/\/www.businessinsuranceusa.com\/business-insurance-general-contractors\" target=\"_blank\" rel=\"noreferrer noopener\">general contractors<\/a>, or lenders may require evidence of tools and equipment coverage, especially when high-value equipment is used or financed. Requirements vary by contract, so it is smart to review insurance requirements early.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-equipment-floater-claims-work-in-real-life\">How Equipment Floater Claims Work in Real Life<\/h3>\n\n\n\n<p>Here are two realistic examples, written in a claims-accurate way.<\/p>\n\n\n\n<p><strong>Theft from a job site:<\/strong> If a contractor\u2019s excavator is stolen and theft is a covered cause of loss, the policy may pay to repair or replace it up to the scheduled limit, minus the deductible. Payment depends on the valuation terms (actual cash value vs. replacement cost) and the documentation.<\/p>\n\n\n\n<p><strong>Damage while transporting equipment:<\/strong> If a piece of equipment is damaged in transit, the floater may respond if transit and the cause of loss are covered. This is typically a first-party property claim, <a href=\"https:\/\/www.iii.org\/article\/understanding-inland-marine-insurance?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noreferrer noopener\">not a liability claim<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-much-does-equipment-floater-insurance-cost\">How Much Does Equipment Floater Insurance Cost?<\/h3>\n\n\n\n<p>Pricing depends on the equipment and risk profile, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total equipment value and whether items are scheduled or blanket<\/li>\n\n\n\n<li>Equipment type, age, and theft attractiveness<\/li>\n\n\n\n<li>Jobsite conditions and where equipment is stored after hours<\/li>\n\n\n\n<li>Deductible level and coverage limits<\/li>\n\n\n\n<li>Prior loss history<\/li>\n<\/ul>\n\n\n\n<p>Many insurance carriers rate this as a premium based on the equipment&#8217;s value, with minimum premiums and underwriting requirements. The best way to get an accurate number is to provide an equipment list with values and serial numbers and request quotes from multiple carriers.<\/p>\n\n\n\n<ul class=\"wp-block-yoast-seo-related-links yoast-seo-related-links\">\n<li><a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/dont-let-your-job-site-burn-your-wallet-installation-floater-insurance-explained\/\">Installation Floater Insurance: Protect Your Materials Until the Job Is Delivered<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/insurance-gap-coverage-small-business\/\">Plug the Gaps in Coverage with these 4 Insurance Types<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/equipment-insurance-what-you-need-to-know\/\">Equipment Insurance: What You Need to Know<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/theft-insurance-guide\/\">Theft Insurance for Small Businesses: What It Covers, What It Doesn\u2019t, and How to Buy It Right<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.businessinsuranceusa.com\/blog\/insurance\/tools-equipment-insurance\/\">Why Your Tools Deserve Insurance As Much As Your Truck Does<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equipment Floater Insurance, often called a contractor\u2019s equipment floater or tools-and-equipment coverage, is designed to&#8230;<\/p>\n","protected":false},"author":3,"featured_media":7187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[737],"tags":[683],"class_list":{"0":"post-7174","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-insurance","8":"tag-contractors"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - 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an expert in commercial lines insurance products. 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