What is an Installation Floater & Do I Need One?

Installation Coverage

An Installation Floater is something you may not know you needed until you have to pay out of pocket for a loss from a job. If you are a contractor, or do installations as a part of your business, having an installation floater might save you a lot of money and grief.  The standard commercial insurance policy does not include an installation floater or coverage for your materials, equipment or supplies that are used for installation at your clients location. This means that if you are installing any equipment such as HVAC units, appliances, flooring, windows, or any other object at your clients location, there may not be coverage on your current insurance policy (unless you are already insured with InsureMyTools.ca of course).

Installation Floater Briefly Defined

An installation floater will pay for loss or damage to covered property from any of the covered causes of loss.

Covered Property means:

  • Your materials, equipment and supplies used for installation:
    • (1) While on the premises of installation, while awaiting and during installation and testing; or
    • (2) While in transit to or from the premises of the installation;
  • Similar property of others in your care, custody or control; and
  • Your labour costs associated with the installation of the covered property described above.

The definition above is a fancy way of saying that the property you are taking to be installed at your clients location will be covered while in transit (on the way there), while it waits to be installed, and during the installation.

Do I Need Installation Coverage?

If you are installing anything at other locations, especially ones without builders risk policies, then you should have installation coverage on your policy. If you are already insured with InsureMyTools.ca the good news is that you already have installation coverage on your policy.

InsureMyTools.ca Installation Coverage

InsureMyTools.ca current (May 2018) installation coverage is included in all 3 of our package options:

Basic Package
  • $10,000
Classic Package
  • $20,000
Plus Package
  • $100,000

How do I Know if I have Installation Coverages?

As stated above, if you are currently insured with InsureMyTools.ca, then you already have the installation coverage on your policy. If you are insured elsewhere, you should see something along the lines of “Installation Floater” is on your insurance policy. If you do not see this on your insurance policy and you do install equipment at your clients premises, you absolutely should obtain this coverage to protect yourself and your business. If your current insurance company knows you do installs but hasn’t suggested adding this coverage to your policy, you may want to talk with an insurance company that focuses only on insurance for contractors and trades such as you. Contact us today to get your free quote from InsureMyTools.ca.