Installation Floater (Meterials)
Some contractors, significantly subcontractors and sub-subcontractors (i.e., of all tiers), rarely recognize whether or not or not they’re lined by a course of construction policy issued to a project owner or a general contractor. In fact, several of those contractors not solely don’t recognize if a property policy exists to hide their interests, however additionally rarely inquire regarding it.
Considering that builders risk policies square measure typically supposed for brand spanking new construction, and to a lesser extent for renovations, these kinds of policies could also be entirely inappropriate once a contractor’s work doesn’t involve either work on new construction or renovations.
What a number of these subcontractors of all tiers typically do, generally solely when goad by insurance agents/brokers, is to buy a policy of their own covering their work. the kind of coverage ordinarily steered by producers is that the installation floater. associate degree installation floater is associate degree inland marine-type coverage that may be outlined as insurance purchased by contractors to hide not solely their own property however additionally property of others that’s to be put in into a building or structure. This floater covers the chance of loss whereas in transit and within the method of rigging, usually with some limitations. associate degree example is rigging through the employment of a heavier-than-air craft or different craft.