Monday, January 23, 2012
ARTISAN CONTRACTORS INSURANCE
Property owned by the business and real property are covered by the BOP. The property must be located at the address of the business described in the policy. Businesses that lease or rent their locations have coverage from the BOP for tenants' betterments and improvements. These include any installations, additions or alterations that cannot legally be taken away from the premises. Equipment that moves from one site to another and valuable machinery are items that pose the greatest risk for a significant loss. Such items are not covered under a standard property insurance policy. These items are classified as movable property, which means special contracts are required to obtain insurance. These special contracts are called floaters.
Various types of equipment and machinery are covered during transit with an installer's floater. They're also covered during testing. In some cases, building materials might also be covered. Policies may be written to include coverage on a reporting form or for a single job. This means that the contractor provides information to the insurer regarding each new contract. Tools and equipment floaters provide coverage for the property that is insured. Coverage is extended to any location where the movable property is used.
Liability coverage is essential for all contractors. If a customer files a lawsuit, this type of coverage will certainly be required to protect the contractor. Subcontractors' customers might require individuals who work for them to have Owners and Contractors Protective Liability insurance. This type of coverage provides protection for business owners from liabilities resulting from negligent acts committed by contractors or subcontractors. It's best to speak with one of our agents to learn how this type of coverage works. There might also be coverage for certain vehicles. Speak with us to learn what types of coverage are available for vehicles that are used primarily for business.
Posted by American Business Insurance, Inc. at 3:30 PM