How many times have you driven by a worksite and seen a load of lumber left by a carpenter for a new deck, or several bundles of shingles laying there for a new roof, or even a furnace or air conditioning unit waiting to be installed by an HVAC contractor at a later date? How would you insure these?

The Business Personal Property portion of your policy would not apply because the property is not within the prescribed distance of the described premises in your policy to provide coverage. The items described above would not be covered under a tool or equipment floater policy. However, another floater – an Installation Floater – would work. In general, any type of floater policy is designed to cover property that is easily moveable.

An Installation Floater is specifically designed to cover materials, equipment, and personal property when in transit, while at the job site and while being installed. Coverage typically ends when the installation is complete. The deck is done, the new roof has been installed or the building’s HVAC system has been updated. In most Installation Floater policies, coverage ceases when the installation of the item by the Artisan Contractor is done, even if other contractors remain on the worksite.

Most Installation Floaters cover direct physical loss to covered property from any external cause, except those listed in the Exclusions. However, since the external cause is not defined in the policy, it is paramount you contact your Trusted Choice Independent Insurance Agent at Richey-Barrett Insurance to discuss your specific needs for an Installation Floater and for all of your other insurance needs.