Wear, breakdown, and the tools you cannot prove you owned. Normal wear and tear, rust, and mechanical or electrical breakdown are maintenance rather than sudden loss. Employee theft is excluded and belongs to crime coverage. Most forms will not respond to tools taken from an unlocked or unattended vehicle, and some require a fully enclosed locked vehicle or a locked box. Older equipment commonly settles at actual cash value rather than replacement cost, so a fifteen-year-old compressor does not come back new. Keep receipts and serial numbers.
Related FAQs
File a police report the same day, then send us the inventory. Serial numbers, purchase receipts, and photographs are what turn a claim into a paid claim, and they ...
Schedule it, and match the policy to the lease. Short-term rentals usually fall under the rented equipment extension. Equipment on a long-term lease or a lease-purchase is different. The ...
Generally yes, and the exception is the one that catches people. A contractors equipment floater is written to follow property that moves, so tools in a truck between sites ...
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