Property Insurance is a first-party insurance that protects the insured against loss of property already accumulated or loss of property to be earned. Property insurance coverage may include physical damage or loss, loss of income and extra expenses, inland marine, boiler and machinery, and crime coverage.

Course of Construction

COC or Builder’s Risk Hard Costs coverage is provided on structures under construction, including: foundations, temporary on-site structures, materials, supplies, and equipment intended to become part of the permanent structure or building. COC Soft Costs coverage may be available and would include such items as: loss of interest, permits, engineering fees, and any other recurring costs or fees. Typical covered causes of loss include: vandalism, malicious mischief, windstorm, aircraft, fire, and theft.

Equipment Floater

This type of Property Insurance covers equipment that is often moved from place to place, while in the care, custody and control of the insured. This coverage would include mobile equipment, tools, construction machinery, steamrollers, blacktopping machinery, etc.

Electronic Data Processing Floater

This is a special form of policy written to cover external risks of direct physical loss to computers, word processing hardware, and software. This may also include: extra expense and business interruption coverage for the insured to continue normal operations of his or her business following damage to, or destruction of, the data processing system, component parts, and/or data processing media.

Boiler and Machinery

A Boiler and Machinery policy is used to cover almost every kind of equipment for containing pressure, heating or cooling, or generating/transmitting power. Boiler and Machinery insurance covers accidental breakdowns that could destroy or damage the machine, as well as explosions of steam equipment and the subsequent damage caused to other property as a result of the accident.

Difference In Conditions

This special policy is typically purchased to cover the gaps not covered in a standard property policy. The DIC policy coverage can include: collapse, flood, and earthquake.

Installation Floater

This is a true floater where coverage starts when the items to be installed are transported to the customer’s premises and remain in place until the interest of the contractor ceases or the owner accepts the work, whichever comes first. Contractors who regularly install items off-premises should consider this coverage.