Installation Floater Insurance
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Installation Floater Insurance
Installation Floater Insurance is a special kind of coverage that protects materials, fixtures, and equipment while the installation is taking place. This policy is vital for contractors, installers, and companies that deal with valuable stuff in transit or during the setup stage.
What Is Installation Floater Insurance?
Installation Floater Insurance protects materials, equipment, and fixtures during their transport to a job site and throughout the installation process. This specific type of construction insurance protects your materials from risks such as theft, damage, fire, and vandalism.
Who Needs Installation Floater Insurance?
Anyone who takes part in the construction process and handles and installs valuable property should think about getting this type of insurance.
What Does Installation Floater Insurance Cover?
Installation Floater Insurance protects your business from many risks linked to moving and setting up materials:
Theft: When someone steals materials or tools while they're on the way or on-site.
Accidental Damage: To shield against unplanned harm to items as they're moved or installed
Fire Damage: To protect materials harmed by fire before the setup is done.
Vandalism: Harm from mean acts at the work site.
Weather Damage: To guard against harm from bad weather like strong winds or lightning.
This insurance starts when the materials leave the supplier and ends when they're set up and working at the job site.
What Is Not Covered?
Installation Floater Insurance protects against many risks, but it doesn't cover:
Faulty Workmanship: The policy excludes damage from poor installation or low-quality work.
Wear & Tear: The insurance doesn't cover normal deterioration over time.
Employee Theft: The policy might not include theft by workers or subcontractors unless you add it.
Materials After Installation: The coverage stops once materials are installed and in use.
Installation Insurance Vs. Builders Risk Insurance
Builders Risk Insurance
- Builders Risk covers aspects of the entire construction project. It protects the structure and materials on-site from risks like fire, vandalism, or weather events.
Installation Insurance
- Installation Floater Insurance aims to protect materials and equipment in transit and during installation. Builders Risk offers more complete coverage for the entire project, while Installation Floater is more specific and suits those responsible for the installation phase.
Installation Insurance Vs. Construction Equipment Insurance
Installation Floater Insurance and Construction Equipment Insurance differ in key ways.
Construction Equipment Insurance
- Construction Equipment Insurance protects machines and tools used at job sites, including bulldozers, cranes, and scaffolding.
Installation Insurance
- Installation Floater Insurance aims to protect the materials and equipment you're installing. This typically includes HVAC units, plumbing fixtures, and electrical systems. If your work involves both equipment and installation materials, you might need to get both types of coverage.
Installation Floater Insurance Costs
Expect to pay around $500 to $2,500 for each project. Bigger projects involving pricier materials or higher risks can cost over $5,000. If you want an exact price for your project, get in contact with our insurance agents.
The price of Installation Floater Insurance for your project will depend on a few key things:
- Value of Materials: Pricier materials and gear will bump up your insurance bill.
- Project Duration: Jobs that take longer might cost more to insure because they're at risk for a longer time.
- Location: Work in risky spots, like areas where theft is common or bad weather hits often, which means you'll pay more.
- Type of Materials: Stuff that breaks, like glass or gadgets, can make your costs go up.
Get Installation Floater Insurance
If you want to get an exact cost for Installation Floater Insurance, we encourage you to get quotes now from our experienced agents.
Our experienced agents are well-versed in these types of projects and what coverage is needed. After understanding your construction project, our agents can usually reduce policy prices through additional discounts of 10% to 15% from the instant quotes you receive.
We provide the finest comprehensive plans for your business by providing:
- Knowledgeable, licensed insurance agents
- Same-day coverage in most instances
- Coverage from A-rated insurance companies
- Ability to offer policies nationwide
- The lowest price for the best Insurance coverage in the industry
