In the latest Insurance Essentials column, zensurance 's Jon Hogg shows you how to know if you need installation floater insurance.
Before tackling your next renovation or new build project, take the time to ensure the materials you buy on behalf of a client for that project are covered if something happens to them before you install them.It’s not uncommon for general contractors and builders to overlook adding installation floater insurance to their policies for a project they’re working on when they may already have commercial property and tools and equipment insurance. But it’s an oversight that can cost you dearly.
For example, you buy a kitchen sink to install in a client’s home, but while en route to the jobsite, you get into a collision and the sink is damaged beyond use. Unfortunately, without an installation floater, the contractor must absorb the cost of that damaged sink since it was ruined before it was accepted by the client and installed in their home. Commercial property or tools and equipment insurance won’t cover the cost of the damage.
This type of insurance covers the building, materials at the jobsite and liability if there’s physical loss or damage because of an insured event, such as vandalism, theft, accidental damage or fire. Moreover, tools and equipment insurance covers heavy equipment, such as bulldozers, backhoes and cement mixers. Having both optimizes your protection from potential losses.
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