Coverage Definitions

What types of equipment can be covered?

1. Owned Equipment

2. Office Contents

3. Rented Equipment

4. Miscellaneous unscheduled equipment. Limited to $500 Max per item and $10,000 max per Policy.

5. Additional Coverages

i)  newly purchased items reported within 45 days of purchase, up to lesser of $250,000 or 25% of scheduled limit. 

ii)  Debris Removal -the lesser of $100,000 or 10% of the scheduled limit

iii)  Employee's Tools - $5,000 any one loss for all employees, subject to a max of $500 per employee

iv)  Expendable Supplies (fuel, oil, grease, etc.) - $1,000

Covered Causes of Loss

Coverage is provided for damage, destruction or loss resulting from covered losses that include but are not limited to: fire, theft, vandalism, breakage and water damage. If equipment is newer than 5 years, coverage is provided for the cost to repair or replace equipment with new equipment. If equipment is older than 5 years, it will be covered at Actual Cash Value.

Coverage Territory

The coverage territory is worldwide.

Major Exclusions

1. Wear and tear, electrical surge, mechanical breakdown, confiscation by government, dishonest acts, intentional damage, damage while being repaired, and mysterious disappearance.

2. Plans, blueprints, specifications, designs, records, or any similar property

3. This policy excludes coverage entirely for:

- Sub-renting equipment that you have rented, leasing or loaning others.

- Property while waterborne - Aircraft, watercraft, automobiles, trucks, trailers, semi-trailers, motorcycles, motor scooters, or any other vehicles designated primarily for highway use.

- Any Crane equipment or logging equipment - Any equipment principally used underground