Equipment Floater: Property Insurance for Your Tools
Equipment floater is a form of property insurance for your mobile property that goes with you from job to job such as tools and equipment. There are two different types of coverage; Scheduled and Unscheduled. Unscheduled coverage is written for small items ($500 max per item). Scheduled coverage costs less, but we would need the year, make, model & serial number, and value of the items.Builders’ Risk: Property Insurance for Projects Under Construction
Builders Risk covers a new home or new commercial building while it is under construction. Endorsed by the Arizona Home Builders Association, our policy covers theft of materials from the job site as well as Fire, Lightning, Windstorms and Vandalism. Our policy features a continuous reporting of new starts, covering everyone’s interest at the time of the loss as well as covering soft costs that may include your profits. We also have policies that cover Remodel (new materials only) or Restoration (existing building and new materials). Whether your project is residential or commercial, this property insurance is designed to protect the building itself while work is in progress.Who Needs This Property Insurance in Arizona
Most Arizona contractors carry some form of property insurance to protect job-site tools, equipment and structures under construction. A few common scenarios come up again and again:- A remodeling crew leaves tools locked in a trailer overnight and the trailer is broken into.
- A custom home builder needs coverage while framing is exposed to monsoon storms and summer heat.
- A commercial contractor’s client requires proof of builders’ risk coverage before work can start.
- A subcontractor owns scheduled equipment (generators, compressors, specialty tools) that needs to be valued and insured individually.
Arizona Requirements to Keep in Mind
Arizona doesn’t require every contractor to carry property insurance to hold a license, but it does come up in other ways. The Arizona Registrar of Contractors (ROC) requires licensed contractors to post a contractor license bond, with the amount depending on license classification and annual volume. Arizona also requires most employers with one or more employees, including part-time workers, to carry workers’ compensation; sole proprietors with no employees generally are not required to. While general liability and property insurance aren’t mandated by the ROC itself, general contractors, property managers, HOAs, homeowners and commercial contracts commonly require proof of coverage through a certificate of insurance, often with additional-insured wording, before a project can begin. For questions on licensing or bonding rules, the Arizona Department of Insurance and Financial Institutions is a helpful resource for contractors working through Arizona’s insurance requirements.Why Get Your Property Insurance Through CIA
Contractors Insurance Agency (CIA) is an Arizona insurance agency built around contractors, and we’re the insurance partner of the Arizona Contractor License Center (AZCLC), the contractor licensing school that shares ownership with CIA. We understand how property insurance fits alongside your bonds, liability and workers’ compensation because we work with contractors on all of it every day. When you need a certificate of insurance for a job, we can usually turn it around the same day. You’ll get a callback within 1 hour during business hours, and a quote within 24 hours. Spanish-speaking agents are available, and we’re rated 4.9 stars from 115 Google reviews. You’ll find us at our Phoenix headquarters (1010 E Jefferson St, Phoenix, AZ 85034) or at our Mesa, Peoria and Tucson offices. Ready to get your property insurance in place? Request a quote or call us at 877-404-0707.What Our Contractor Clients Say
★ 4.9 on Google (115 reviews) · ★ 4.7 on Yelp · Read them on Google or Yelp
★★★★★
Shopped numerous agencies
“After speaking with numerous agencies during the quote process, choosing Contractor's Insurance Agency was a no brainer. Seriously, a seamless experience and we will be choosing them for all our insurance needs moving forward.”
★★★★★
Brokers with options
“This agency specializes in insuring contractors and boy do they know the stuff!!!! … The insurance people are brokers so they have several companies they work with which means I have options.”
★★★★★
All policies, one bill
“Jacoba was great. Very knowledgeable and personable. Got me an excellent price! Was able to have all my insurances under one bill which is nice.”
