Sadler Contractor Insurance Program
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Contractors Equipment Floater Insurance
Contractors Equipment Floater Insurance covers your contractor´s equipment and tools that leave your premises and go to the jobsite. Coverage is provided to protect against perils such as theft, vandalism, fire, windstorm, etc. at any location. This policy is called a "floater" because the coverage follows the equipment as it moves in your vehicles or from one jobsite to the next.
In the event that you borrow or rent contractors equipment from others, special arrangements must be made to purchase Non-Owned Equipment coverage. You must inform your insurance agent to add this special coverage since it is not automatically provided under a Contractors Equipment Floater insurance policy.
Coverage for loss or damages to tools and equipment may be provided on a scheduled or unscheduled basis. As a general rule, you should specifically schedule any individual piece of equipment with an Actual Cash Value of at least $1,000. When you schedule a piece of equipment on your policy, you must provide the name of the equipment, manufacturer, year of manufacture, serial number, and actual cash value. On the other hand, individual tools and equipment with a value less than $1,000 may be lumped together under a limit for Unscheduled Tool and Equipment
Losses to tools and equipment are normally paid on an Actual Cash Value basis. For tools and equipment, Actual Cash Value can be defined as the amount that an identical tool or piece of equipment is available for on the used marketplace assuming similar age and wear and tear. You should take this into account when setting the insured values under your policy.
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Sadler & Company, Inc.
3014 Devine St.
PO Box 5866
Columbia, SC 29250-5866
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