CoverageTools & equipment
Tools and equipment insurance
Tools and equipment insurance, also called inland marine or a contractor's equipment floater, covers the tools and equipment you own, lease or rent, wherever they are: on the job site, in your vehicle or in storage.
What it coversCoverage
- Hand and power tools. Tools you own, usually up to a set limit per item and per loss.
- Scheduled equipment. Larger items such as skid steers, mixers and compactors, listed individually.
- Rented and leased equipment. Equipment you rent, which rental agreements often require you to insure.
- Theft and damage. Theft, fire, vandalism and accidental damage, depending on the policy.
- In transit and in storage. Coverage that moves with the equipment.
What it usually does not coverExclusions
- Wear and tear. Gradual deterioration and routine maintenance.
- Mechanical breakdown. Often excluded unless added.
- Theft from unattended vehicles. May carry conditions, such as the vehicle being locked.
- The vehicles themselves. Covered by commercial auto.
What contracts ask forRequirements
- Rental agreements. Equipment rental companies often require proof of coverage.
- Replacement cost or actual cash value. Replacement cost pays to replace with new; actual cash value deducts depreciation.
- Scheduled vs unscheduled. Larger items are listed with values; smaller tools are covered under a blanket limit.
QuestionsFAQ
Does my auto policy cover tools in my truck?
No. Commercial auto covers the vehicle; the tools inside it need a tools and equipment policy.
Does general liability cover my tools?
No. General liability covers damage to other people's property, not your own.
Can I insure rented equipment?
Yes. Rented and leased equipment can be covered, and rental agreements often require it.
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