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Southern Jersey New Jersey Contractors Insurance
Tools & Equipment Coverage

Solutions to Protect Against a Catastrophic Claim Southern Jersey Contractor General Liability Insurance policies generally include some coverage for hand tools and that limit can normally be increased for a nominal fee. If you choose to cover $5000 worth of your hand tools but do not want to specifically describe them you can do this on your contractor's general liability policy. Typically there is a maximum per tool under this coverage. Since you have not specifically described the equipment, this is called unscheduled inland marine property insurance. If you have more specific equipment with a greater value, you must specifically describe it: 2006 Kubota Skid Steer Serial #KB126456 - purchased used $19,000 value. Because you and the insurance company have now specifically described the property to be insured, this is called scheduled inland marine property coverage. Some Good News For Our Southern Jersey NJ Contractor Clients With many insurance companies, when you add more than one line of insurance with another - here commercial general liability and inland marine - you have created a contractors package policy. The good news is that most insurance companies will allow their underwriters to credit or reduce the premium on package policies. It is possible that you could add coverage and actually reduce your insurance premiums. Just like with some many things - knowledge is power. Now you know. Call us at (908) 730-6443 or contact us for answers to your Southern Jersey Excess Risk Insurance questions.