ARI Blog: Article

Restoration Insurance: Insuring your Tools


Tools and Equipment Coverage, also know as Inland Marine Insurance, is intended to protect property while in transit. Inland Marine protects mobile high risk property, like the tools of a contractor or tradesman, that are not covered by standard commercial property policies.

Tools and Equipment coverage is designed to cover movable property wherever it may be located and may be written on an all-risk, open-perils or named-perils form. Special policy floaters can be added to cover a variety of tools and equipment.

Inland marine coverage provides valuable protection to business owners. It is especially important for for contractors and tradesmen, who frequently travel for work, and often possess high-value tools and equipment. An inland marine policy would cover the loss if a contractor’s tools and equipment were stolen from a vehichle or at a job.

Inland marine insurance is usually purchased as a supplement to an existing insurance policy. Inland marine insurance is recommended to fill in coverage gaps in other property and liability insurance policies.

Contractors and tradesmen who service, repair, clean, or perform other work on the property of others should carry inland marine insurance. It can cover losses of tools and equipment that occur at the work site, and protect against loss while property is being stored or transported.

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