A contractors equipment floater is property insurance for equipment that moves from place to place. IRMI defines an equipment floater as "property insurance covering equipment that is often moved from place to place," and classes it as a type of inland marine insurance.
Why It Matters for Snow Contractors
Snow equipment rarely sits in one spot. Skid steers, loaders, compact tractors, sidewalk units, blades and spreaders travel between sites and are often left on a client's lot overnight during a storm. A property policy tied to your yard may not follow them. A floater is designed to.
IRMI also notes that equipment which is not classed as an automobile, such as tractors and loaders, generally gets physical damage cover under an equipment floater, with liability handled under the general liability policy. How each unit is classified can depend on provincial law, so a broker should confirm it.
Example
A contractor leaves a skid steer at a retail plaza between pushes. Overnight it is vandalized. Because the machine is scheduled on the contractor's equipment floater, the damage may be covered, subject to the deductible and policy terms.
Related Terms and Guides
General information only, not insurance or legal advice. Policy wordings differ; a licensed broker can explain how your own policy and contracts treat this.
Further reading: Insurance Bureau of Canada: Types of business insurance coverage; Insurance Bureau of Canada: Insurance glossary
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Frequently Asked Questions
Does an equipment floater cover liability?
Generally no. It covers the equipment itself. Liability arising from using the equipment is a separate question for your general liability or auto policy.
Are rented machines covered?
Some floaters can extend to rented equipment. Ask a broker to confirm.