Contractors who perform work at customers’ homes frequently transport materials to a work site and store them there before and during the installation process. Installation floater coverage can protect a business if materials or fixtures get damaged during that time.

What Is Installation Floater Coverage?

Installation floater coverage is a form of inland marine coverage that can compensate a company for losses if materials get damaged by accident, water, or fire, or if they get stolen or vandalized. Installation floater coverage applies to property that’s moved from one location to another. Some policies exclude materials that are being transported by ship or airplane.

Installation floater coverage is meant to be temporary. It typically gets canceled after materials are installed and the work is approved.

What’s the Difference between Installation Floater Coverage and Other Types of Business Insurance?

Installation floater coverage differs from commercial property insurance, which only covers materials when they’re at the location listed on the policy. Equipment floater insurance, another type of inland marine coverage, applies to a contractor’s tools that get moved from place to place.

Builder’s risk insurance is a comprehensive form of coverage that’s intended to cover an entire project, from start to completion, while installation floater coverage is meant to cover only one aspect of a project. A builder’s risk policy might specifically exclude some systems and materials from coverage. If so, installation floater coverage can fill in the gaps.

Who Can Benefit from Installation Floater Coverage?

Installation floater coverage can provide vital protection for plumbers, HVAC technicians, electricians, and other contractors. It can also protect subcontractors from losses that aren’t covered by a general contractor’s builder’s risk policy.

Does Your Company Need Installation Floater Coverage?

Having the right forms of commercial insurance coverage can shield a business from steep financial losses if something goes wrong during a construction or home improvement project. For some businesses, installation floater coverage is an important piece of the puzzle. 

If you think you need this form of coverage, or if you aren’t sure, Petruzelo Insurance can help. A member of our team can discuss the type of work you do, tell you more about the various forms of business insurance, and help you find the appropriate types and amounts of coverage. 

Once we’ve determined which kinds of insurance are right for your company, we’ll get quotes from several top carriers and help you find the coverage you need at competitive rates. Contact us today to learn more.