Contractors not only have to focus on their job but also need to worry about the theft of their valuable equipment and tools. Construction site thefts are unfortunately common and can involve items like towable generators, utility vehicles, and skid steers. Such thefts can result in significant losses, including project delays due to the need to replace stolen equipment. In this article, we will explore whether construction insurance covers theft and what you need to know about different types of coverage. Builder's Risk Insurance
Builder's risk insurance is a type of policy that contractors often rely on to protect their job site tools and equipment. These policies typically offer protection unless a specific exclusion is mentioned. However, it's important to understand that the type of theft can impact whether the policy covers the loss. Employee theft is generally not included in builder's risk insurance policies. If an employee is responsible for the theft, coverage may not be provided. However, if the theft is committed by a non-employee, the policy may cover it. General Liability Insurance Contractors also commonly maintain general liability insurance, which is primarily designed to protect against claims related to damage to other workers' tools, third-party injuries, and property damage. Unfortunately, this type of coverage typically does not cover the loss or theft of tools and equipment. Dealing with Claim Denials If your insurance company denies coverage after you've reported a valid theft claim, you may need legal representation. In such cases, the insurance company may be held accountable for violating the terms of your contract when it denies a legitimate claim. As a policyholder, you have the right to pursue additional compensation beyond the original claim amount. However, this process can be challenging, as insurance companies will conduct thorough investigations. It's advisable to seek the guidance of an experienced attorney to navigate the claims process effectively. Exploring Additional Coverage To protect against theft or loss, contractors can consider adding extra coverage to their insurance policies. It's crucial to carefully review your policy to determine whether it specifically addresses or excludes theft incidents. If your valid claim is denied, don't hesitate to seek legal assistance to ensure you receive the compensation you deserve. Conclusion: Understanding Theft Coverage The coverage of theft under your contractor's insurance policy depends on the specific conditions and coverages you've chosen. To avoid any confusion when making a claim, make sure you are thoroughly familiar with all the details outlined in your policy. If you have questions or concerns, don't hesitate to consult with a legal expert, especially one with expertise in the insurance industry. An experienced attorney can help ensure you are fairly compensated in case of theft or loss. In conclusion, protecting your valuable equipment and tools from theft is crucial for contractors. Understanding your insurance coverage and seeking legal advice when needed can help safeguard your interests and ensure you are adequately compensated in the event of theft. At Black and Associates Insurance, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (509) 464-0058. You can also request a free quote by CLICKING HERE. Disclaimer: The information presented in this blog is intended for informational purposes only and should not be considered as professional advice. It is crucial to consult with a qualified insurance agent or professional for personalized advice tailored to your specific circumstances. They can provide expert guidance and help you make informed decisions regarding your insurance needs.
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