Contractors Equipment Insurance Floater
This insurance program is another type of all-risk insurance program, only that it insures the equipment of contractors who provide extra equipment on the set.
A contractors equipment floater insurance is used to pay for damages to a contractor's equipment caused by, among others, theft, fire, vandalism, water damage and breakage. For equipment that is less than five years old, the insurance coverage is used to pay for the cost of repairing the equipment or replacing it with new equipment. For older equipment, the insurance coverage is used to pay for the repair or replacement, but based on actual value.
The eligible contractors under the contractors equipment floater insurance program include, among others: