Installation Floater / Installers Floater
Installation Floaters (also known as Installers Floaters) are a form of Inland Marine insurance, or can be purchased as part of a customized commercial insurance solution.
What is Covered by an Installation Floater?
An Installation Floater may be for the legal liability of the contractor or may be for the owned property of the insured, and covers machinery and equipment of all kinds during transit, installation and testing at the purchaser's premises. Even building materials may be insured, but the usual type of property insured under these policies is something of a special nature that contractors frequently install. Air conditioning and heating equipment, boilers, machinery of all kinds, and laundry equipment are examples.
In general, this is a true floater where coverage starts when the items to be installed are transported to the customers premises and remains in place until the interest of the contractors ceases or the owner accepts, whichever comes first.
An installation floater is not a substitute for a builders risk policy.
Simplify Shopping for an Installation Floater
Brunswick Companies is well-respected in the construction industry for our comprehensive array of insurance products and services for construction contractors, including business insurance and surety bonding.
For over 35 years, Brunswick Companies' business insurance specialists have provided both general and trade contractors with the expertise to help you identify your exposures and simplify your insurance purchase, providing the information you need to make an informed decision. We have the "know-how" to help you ascertain the coverage solution that best meets your needs and financial goals.
We provide our clients with access to a wide range of top-ranked insurance providers. Our extensive experience in working with construction contractors makes us uniquely qualified to provide a cost-effective solution to managing your risk.
Who Needs an Installation Floater?
Contractors who regularly install items off premises should consider this coverage.
Artisan contractors face different exposures while working at or in transit to a construction site, or while maintaining materials that are in temporary storage, such as the following types of contractors:
- Plumbing
- Electrical
- HVAC
- Cabinetry
- Alarm installers
Comparing Installation Floater Coverage
Installation floaters from different insurers vary widely in what is covered. Brunswick Companies' business insurance specialists will assist you in understanding the differences in coverage and selecting the coverage that is the best fit for your business. It is important to compare the reporting capabilities for multiple jobs, limits, covered causes of loss, exclusions and definitions of when coverage starts and stops. Both Open Installation Floaters and Project Installation Floaters protection are available. Policies may be written on a specified cause of loss or all risk basis.
Contractors may also want to consider obtaining Builders' Risk Insurance, Contractors Equipment Insurance and/or a Tools & Equipment Floater.
Improve the cost-effectiveness of your business insurance protection. Contact us today.
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