Stock & Equipment
Stock Equipment & Insurance in Edmonton
Equipment includes furniture, fittings, machinery, tools and other appliances found at your business location that are not held for sale. Equipment also includes any tenant’s improvements which are alterations or betterments made at your expense to your building or rented space. You can have the equipment covered under an Actual Cash Value or Replacement Cost basis. Stock is basically your merchandise of every description usual to your business including advertising materials. This can only be covered on an actual cash value basis.
Contractors’ Tools and Equipment
From hand held and power tools to backhoes and loaders, your equipment and tools are the heart of your business. Standard commercial insurance will not cover your tools and larger equipment if they are leaving your shop or are used at multiple locations. You’ll need to your have mobile property placed on a “floater” coverage. Tool Floater is designed to insure Tools and Equipment (all items usual to your trade or business). A Contractors’ Equipment Floater insurance is used to insure moveable equipment and pay for damages to a contactor’s equipment caused by, among others, theft, fire, vandalism, water damage and breakage.
Usually covers property installed at a work site by a particular contractor or subcontractor. The coverage normally applies while the property is in transit, in temporary storage, and during the installation and testing process.
Equipment Breakdown Coverage / Boiler and Machinery
This coverage protects an organization against any losses that result from a breakdown of heating, refrigeration, air conditioning equipment, pressure vessels, boilers, production machinery, electrical apparatus and/or electronic equipment. The term Boiler and Machinery insurance is gradually being replaced with terms such as Equipment Breakdown or Mechanical Breakdown coverage. This insurance provides coverage against the sudden and accidental breakdown of boilers, machinery or equipment, including computer systems and telephones/communication systems. Coverage usually includes reimbursement for property damage, expediting expenses (e.g., express transportation charges), and business interruption losses.
*** For exact terms, definitions, limitations and extensions, please talk to your broker and refer to your final policy wording ***