Contractors equipment
Cover for the tools and machines the work depends on
A contractor’s equipment moves between job sites, sits in yards overnight, and does hard work in between — the exact conditions a standard property policy is not built for. Total Risk Managers looks at contractors equipment risks for licensed brokers across Canada.
Site and transit
Available where the work is, not only at one address
Minimum premium $2,500
With replacement cost available for equipment under 3 years old
Broker only
Submissions reach us through a licensed broker
Appetite
What we look at
These are the contractors equipment classes to send us:
- Front end loaders, Forklifts, Cement Mixers, Lights, Pumps, Generator Sets, Scaffolding, Conveyors, etc.
- Graders, Scrapers, Backhoes, Crushers, Excavators, Bulldozers, Loaders, Haulers, Pile Drivers, Mobile Cranes, Climbing Cranes, Tunnel Boring Machines
- Site Trailers
A risk not listed here is not a decline. Send the details and we will tell you.
Terms
The published terms for this class
These are the standing terms for contractors equipment placements.
- Minimum premium $2,500
- Replacement cost available for equipment under 3 years old
How the cover works
What contractors equipment cover addresses
These coverages can be arranged depending on the equipment, the work and the policy issued — they are available, not automatic.
Scheduled equipment
Significant machines listed individually with their values.
Small tools
The unscheduled layer of hand tools and gear, which can be covered on a blanket basis.
Transit
Equipment moving between sites is a core part of the exposure rather than an afterthought.
Replacement cost
Newer equipment can be covered for what it costs to replace rather than its depreciated value.
Borrowed and rented equipment
Machines leased in for a job carry contractual obligations worth covering deliberately.
Before you send
What to include in a contractors equipment submission
A submission that answers these upfront moves faster.
The schedule
Each significant machine with make, model, year and value.
The small tools
A realistic total for the unscheduled layer.
Where it works
The kinds of sites, and the radius the equipment travels.
Overnight
Where equipment sits when the day ends, and what security exists.
History
Equipment losses in the last five years, what happened, and what changed afterwards.
Common questions
Questions brokers ask about contractors equipment
Why not cover equipment under the shop’s property policy?
Because the equipment’s whole job is to leave the premises; a property policy is anchored to an address, and this class follows the machine.
What is the difference between scheduled and blanket cover?
Scheduled items are listed with values; blanket covers the shifting layer of small tools without listing every wrench.
Why does the equipment’s age matter?
Newer machines can qualify for replacement cost settlement; older units settle at actual cash value.
Is theft from job sites covered?
Theft is a core peril in this class, and the security questions in the submission exist precisely because of it.
Can a broker place this directly?
Submissions are accepted from licensed insurance brokers. If you are a broker, send the details and we will come back to you. If you are not, please speak to your broker.
Have a contractors equipment risk to place?
Email the details to submissions@totalriskmanagers.com and we will come back to you. Submissions are accepted from licensed insurance brokers.
This page describes coverage in general terms. Cover, limits and conditions vary by policy and by risk. Nothing here changes or replaces the wording of an issued policy. Coverage is arranged through a licensed insurance broker. If you are a broker, contact us. If you are not, please speak to your broker.