Read the valuation clause, because it decides what a claim actually pays. Many contractors equipment forms settle at actual cash value, which is replacement cost less depreciation, so an older machine returns a fraction of what a new one costs. Replacement cost is available on some programs, often only up to an age limit on the equipment. Scheduled high-value items can sometimes be written on an agreed value, which removes the argument at claim time. The difference between these three shows up on the check, not on the declarations page.
Related FAQs
It can, depending on the policy and your contract. We recommend you review your rental agreements with us.
It depends on the policy. Higher-value or specialized items are often scheduled individually. We can review the right approach with you.
Often only in limited ways or not at all once property leaves your premises. Inland marine is designed to follow property that moves.
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