Originally posted on Insurance Info & Safety Information, the following is an excerpt taken from the article, “Construction Contractors.” For more information, please visit www.iii.org.
What is a Floater?
An installer’s floater covers all kinds of machinery and equipment during transit, installation and testing at the purchaser’s premises. Even building materials may be covered, but the more usual coverage is for equipment or machinery that only contractors install, such as heating or air conditioning. The policy can be written to cover a single job or on a reporting form, meaning that you provide the insurer with information about each new contract you undertake.
A contractor’s equipment floater insures any type of movable equipment not meant to move on public highways. This includes such things as cranes, cement mixers, engines or power drills.
A tools and equipment floater covers the insured property, wherever it is used, and may include such items as hand tools, power drills, hoisting machines…
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