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Discussion Starter · #1 ·
For those who may not know, if you have a tool rider on your insurance policy (may be called an inland marine ??) there are two different types of coverage. The less expensive being the tools that are listed by model/serial number, the difference in cost of policy coverage was dramatic.

I'm looking for a program that is easy and versatile. Requirements include being able to include a picture, serial number, warranty and printable/email report.

A program called Compartments (I'm an Apple user) seems adequate and at $10 is priced right. Does anyone have experience with this or another program?
 

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Discussion Starter · #3 ·
If I could have a program that allows me to take pictures from my phone and associate them with each tool without having to download them from from, then transfer to each tool in an excel sheet, that time savings would be worth the $$

I will look into MS templates too-forgot about that idea, thx.
 

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There are lots of insurance companies out there, and there may be the odd one that uses different rates for scheduled and unscheduled, but in my experience that's not how it works.

The two different types of floaters (inland marine, mobile equipment, a rose by any other name) are as follows:

Tool Floater - for smaller more portable items that are easy to pick up and walk away with (steal). Items such as hammers, saws, anywhere from under $1,000 to max $5,000 value any one item, on average. In Ontario, right now, the average rate is anywhere from $1.00 to $4.00 for every $100 value of insurance.

Contractors Equipment Floater - for bigger items; usually excavators, backhoes, etc. but have put items such as laser levels, generators, power tools etc. on this form. Average rate is anywhere from as low as 0.50 up to $1.50 for every $100 value of insurance.

For both forms, you can either have "scheduled" where you list each item with model, serial number and individual value; or "unscheduled" where you just give the total value. With unscheduled, there will be a co-insurance clause which will require you to insure to the full value of all your mobile tools/equipment so you'll get half your claim paid, even a small claim, if for example you had a total of $50,000 in tools but only bought $25,000 unscheduled limit of coverage.

Because Tool Floaters usually cover a whole bunch of small items, many without serial numbers, it is often written on an unscheduled form with one total blanket limit. The Contractors Equipment Floater, however, is usually written as scheduled.

The rates don't change whether you have scheduled or unscheduled. The key is trying to get as much of your smaller stuff covered under the cheaper Contractors Equipment Floater instead of the more expensive Tool Floater. They may be asking for the list so that they can pick out as much as possible to cover under the Contractors Equipment Floater form.

FYI, Contractors Equipment Floater is usually written with a higher deductible; so you may want to double-check if the deductible is going to be changing. While you may be getting a cheaper rate, your deductible might be jumping up to a level which makes the coverage useless unless you have a catastrophic claim where all your tools are stolen/damaged in the same occurrence; i.e. your $1,000 drill is now subject to a $2,500 deductible. But you have a total of $50,000 for all tools together.
 
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