Contractors use many types of equipment on the job. such equipment may be a small as a carpenter’s sliding miter saw or as large as a crane. Such equipment must be insured while it is on the job. Leasing companies who provide such equipment may require that an insurance policy be in place and that they be named on it as an additional insured and a loss payee.
Coverage for equipment that is in transit or away from the contractor’s premises is placed on a contractor’s equipment floater for protection. Coverage for small tools is often included on the floater to replace less costly power tools that might be stolen from the contractor’s vehicle while at a job.
Such insurance is part of the consideration in the total protection of a contractor’s property.