Installation Floater Insurance in Ontario
As the top commercial insurance brokerage in Ontario, Contractors Insurance is committed to providing clients with a top-level experience. We have served numerous contractors, tradespeople, and other professionals from different industries through the years. This includes providing reliable installation floater insurance.
Installation floater insurance is essential for contractors because it protects you and your business from any damages caused by accidents, loss, or other financial liabilities. This type of insurance covers building materials being installed, transported, stored, or built on a property during a construction project. Installation floater insurance also covers the property from liabilities until the installation work is finished or accepted by the buyer.
We ensure that no matter the scale of the business, our clients receive the coverage they need. At Contractors Insurance, your business is in good hands!
What Is Installation Floater Insurance?
Installation floater insurance is different from builder’s risk insurance as it mainly covers movable property. This includes materials that are being installed or built on a construction site. It is a type of insurance needed by contractors who transport materials to and from a business or home.
The incidents below are covered by installation floater insurance in Ontario:
Third-Party Bodily Injuries
Working at and moving in between construction sites can expose you or your employees to accidents. Even slip-and-fall incidents can lead to serious injury, and claims from these cases can lead to bankruptcy. In such cases, having installation floater insurance covers your business in case of lawsuits or exorbitant medical fees.
Damage/Theft to Tools and Equipment Used
Whether you’re transporting materials to and from construction sites or to a client’s house, accidents can happen at any time. Damaged or stolen materials that need to be installed—such as sinks, tiles, or light fixtures—will need to be replaced. Without installation floater insurance in place, you need to pay for the items from your pocket.
Third-Party Property Damage
Installation contractors regularly work on residential and commercial properties. However, property damage can happen accidentally while using tools or equipment at a construction site. Contractors fixing HVAC systems, for example, run the risk of dropping a heavy unit and accidentally damaging a client’s floor. Installation floater insurance protects you from financial liabilities arising from such situations.
Additional Costs Associated with Moving Materials
Other risks and hazards, such as car accidents or delays due to traffic jams, while not directly impacting building materials, are also detrimental to your business’s daily operations. Without installation floater insurance in place, the total costs from these incidents can hurt your business and your reputation greatly.
Who Can Benefit From Installation floater Coverage?
Installation floater insurance will benefit your business if:
- You or your employees are involved in transporting building materials to and from a project site or a client’s house;
- You are installing heavy equipment or expensive materials (e.g. kitchen sinks, HVAC systems, decks, etc.);
- You use tools or equipment that may need to be left at the construction site for extended periods; and
- Your projects can cause injuries or property damage to your employees or clients.
The above qualifiers are connected to various risks that can lead to lawsuits, loss of manpower, and negatively impact your income. We’ve helped multiple clients with setting up the best installation floater insurance for them, along with any personalized coverages. If you have more questions about installation floater insurance in Ontario, or you’d like to get started with a quote, Contractors Insurance is always ready to help you!
Why do Ontario Contractors Need Installation Floater Insurance?
Construction sites or even a client’s place of business often pose risks for everyone involved. Tools and equipment could get stolen, properties or homes could be damaged, or wet floors without the proper signage could lead to serious injury. When your business gets served with a lawsuit or demands for medical fees, you will have no other choice but to legally defend it. Even if you are found to be not responsible for these incidents, the financial liabilities have already been incurred.
Installation Floater Claim Examples
Contractors and tradespeople are around high-powered tools, heavy machinery, and expensive building materials all the time. Risks and hazards present themselves on any given day, and ultimately, this could lead to accidents that may impose injuries or serious harm to clients or employees. Installation floater insurance ensures that your business is covered in case of lawsuits and medical expenses.
Claims Example #1
On the way to a project site, a traffic accident happens. Your company-owned car gets hit, damaging or destroying some of the building materials.
Installation floater insurance will cover the damages done to the materials estimated to be $15,000.
Claims Example #2
The construction site was visited by vandals who stole from the property, including various materials.
Installation floater insurance will pay for replacement costs—including damage fees—worth approximately $20,000.
Claims Example #3
A recently installed light fixture drops accidentally to the client’s floorboards, damaging the property during construction.
Installation floater insurance will cover the property damage costs and replacement of the light fixtures amounting to approximately $50,000.
Leading Provider Of Installation Floater Insurance In Ontario
Contractors Insurance continues to build and nurture strong client relationships, which is done through a dedicated customer-centric approach. We offer the following benefits to provide the best possible service to our clients:
Personalized Insurance Plans
Clients are guaranteed to only pay for the coverage they need—without unnecessary riders. We can recommend additional coverage that will benefit your business so you can secure personalized installation floater insurance.
Utmost Transparency on Coverage and Limitations
We will explain your insurance plan thoroughly and with full transparency. We will advise you on how it works, your insurance’s limits, its triggers for a claim, and the exclusions.
Thorough and Straightforward Insurance Education
We prioritize our clients’ understanding of their coverage plan throughout the process. We avoid unnecessary and complicated jargon as much as we can because we want clients to fully comprehend what they’re paying for. This is one of the best ways for us to involve you in the personalization of your insurance plan.
Frequently Asked Questions About Installation Floater Insurance
Unless endorsed, installation floater insurance does not cover materials or equipment that do not form part of the final project, such as landscaping items and temporary structures like scaffoldings.
It also excludes work vehicles and losses or damages due to employee theft, war, government or military actions, or natural events like floods and earthquakes.
An installation floater is a type of inland marine insurance. It covers movable building materials, equipment, fixtures and other items while they are being installed or built.
Although builder’s risk insurance covers an entire project, installation floater usually covers materials that builder’s risk insurance policies exclude, such as roofs, electrical systems and HVACs.
This is because insurance floaters are more specific, which makes them essential for renovation or remodelling projects.
A contract float refers to the number of days that a project activity may be delayed without delaying project completion or final acceptance.
If a project activity is referred to as having zero float, it means that any delay in the activity will result in the delay of project completion. On the other hand, an activity with a positive float can be delayed for up to the number of float days without affecting the project completion date.
For example, if you have allocated 10 days for a project activity, but it will only take eight days to complete it, then you can have a float of +2 days.
Ready To Get The Coverage You Need?
Get custom coverage with Contractors Insurance! Our comprehensive insurance portfolio ensures you get the protection you need to build your project.
Our team of specialists is well-versed in engineering and construction risks and is always ready to work with you in putting together the best possible coverage for your projects.
And whether you’re the engineer, the accountant, or the freight forwarder, we also have professional liability insurance policies to back you up in case of errors and damages related to your trade or practice.
At Contractors Insurance, we help you get the most coverage at competitive rates.
Interested in installation floater insurance? Call now and get a FREE quote!