What is Inland Marine/Contractor’s Equipment Insurance?
Contractor’s equipment insurance is designed to cover damaged or missing contracting equipment. Contractors insurance policies can extend beyond covering equipment; it can also cover small tools, employees’ equipment, such as large machinery, and borrowed or rented equipment. This coverage helps cover losses due to theft, fire, water damage. In the event of a covered loss, contractor’s equipment coverage can even help pay for the removal of debris and cleanup after an accident.
Inland marine insurance is a type of insurance coverage that covers a wide range of specialized property; such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. This coverage can provide protection for assets and property that are movable or could be in transit over land as well as property owned by others that is in the possession of the policyholder.