What is an installation floater?
Installation floaters insure a contractor’s materials, equipment, machinery and supplies from the moment they leave the contractor’s premises until a job is complete. This means that a contractor’s property will be covered in the following scenarios: While being stored at a temporary location While in transit to a job site
What types of property are excluded from installation floaters?
Trees, shrubs and plants are also commonly excluded from installation floaters. If possible, contractors that perform landscaping installations should have their policy amended to specifically cover this type of property.
What is the difference between installation floaters and Builders Risk Insurance?
While installation floaters offer similar coverage to that provided by builders risk policies (another form of inland marine insurance typically purchased by project owners or general contractors), there are important distinctions between the two forms of coverage.
Who should work with a temporary installation floater broker?
Companies that rely on temporary structures or falsework including, but not limited to, cribbing, scaffolding, forms, temporary fencing, and temporary lighting or retaining walls, should work with their brokers to find the proper installation floater.
What is not covered by installation floater insurance?
Many installation floater policy coverage will not cover damage to materials that occurs when materials are in transit via air or while waterborne or being worked on underground. Travelers offers single-project coverage or reporting options for contractors who have multiple jobs in progress.
What types of losses are excluded from an installation floater?
Unless covered through an endorsement, installation floaters may exclude losses caused by earthquakes, volcanic eruptions, floods, sewer backups, governmental action, nuclear hazards, war or military action, employee theft, or errors and omissions.
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