Contractors – Is Your Construction Project Covered?
Over the past two years, building materials and supplies costs have increased at a rapid rate for all contractors and tradespeople. With the increase in cost of materials and supplies, a key coverage in your business insurance policy to keep in mind is your installation floater limit.
An installation floater provides coverage for your “items” while in transit from your shop/residence to be installed at your job site. It also covers you for those items while they are at the job site/installation site waiting to be installed or during the process of being installed.
Your “items” that are covered are materials and supplies.. Depending on the company you are insured with, more items could be covered as well.
Although the installation floater could be included in most contractor/trades insurance policy packages, it is important to confirm if the coverage is already on your policy or not. It is also important for you to determine the proper amount of insurance that you require to be covered properly.
As an example, we will say your insurance company has provided you with a standard limit of $50,000 for installation floater coverage. If you are completing a large project with $75,000 worth of materials and supplies, that $50,000 coverage will not be sufficient to cover you for the project. Please call your local Orr Insurance broker to see what options we can provide you.