Equipment Floater

An equipment floater is a type of insurance policy that provides coverage for portable or moveable equipment. Equipment floaters are typically purchased by businesses who use expensive equipment that is essential to their operations.

There are several types of equipment that can be covered under an equipment floater policy. Some common examples include:

  • Construction equipment: This can include things like excavators, bulldozers, cranes, and other heavy machinery used in construction projects.
  • Agricultural equipment: This can include tractors, combines, and other farm machinery used in the production of crops or livestock.
  • Medical equipment: This can include things like x-ray machines, ultrasound machines, and other specialized equipment used in healthcare settings.
  • Photography equipment: This can include cameras, lenses, tripods, and other equipment used by photographers and videographers.
  • Musical instruments: This can include guitars, drums, keyboards, and other instruments used by musicians.
  • Computer equipment: This can include laptops, desktops, servers, and other computer-related equipment used in business or personal settings.
  • Office equipment: This can include things like printers, copiers, fax machines, and other equipment used in office settings.
  • Transportation equipment: This can include vehicles like cars, trucks, trailers, and other types of transportation equipment used in business or personal settings.

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An equipment floater policy typically provides coverage for the full value of the equipment, minus a deductible. The policy may also include coverage for the cost of repairing or replacing the equipment, as well as the cost of renting replacement equipment if necessary.

In addition to covering losses to the equipment itself, an equipment floater policy may also provide coverage for other related losses, such as the cost of transporting the equipment to a repair facility or the loss of income resulting from the inability to use the equipment due to a covered loss.

It is important for businesses to carefully review their equipment floater policy to understand the coverage and exclusions, as well as any limits on the amount of coverage provided. Talk to one of our knowledgeable insurance advisors to discuss if an equipment floater policy is right for your business.

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