Contractors' Equipment
STATE OF FLORIDA
CONTRACTORS EQUIPMENT COVERAGE
PROVIDED BY:
Fireman’s Fund Insurance Company
This insurance is purchased and administered by the department of management services, division of state purchasing. The outline of coverage shown below is provided as an overview; please refer to the insurance policy for specific information. All questions relating to this policy should be directed to State Purchasing at (850) 487-0417 or Suncom 277-0417.
DESCRIPTION OF COVERED PROPERTY: Mobile machinery, mobile equipment, vehicles, and other miscellaneous property subject to a transportation feature, including recreational vehicles and trailers.
DESCRIPTION OF COVERAGES: All risk of direct physical loss or of damage to insured property.
LIMIT OF INSURANCE:
$10,000,000.00 Per occurrence/loss limit
All equipment over $250,000 must receive prior approval. All equipment valued up to $250,000 is covered automatically if purchased after the effective date and reported on the first quarterly report submitted immediately after the purchase.
INSURED VALUE: The total replacement cost of the covered property.
DEDUCTIBLE: Unless otherwise accepted by the insurance company, the following deductibles will apply:
- $1,000.00 for insured values up to $10,000 (includes leased, loaned, or rented property)
- $5,000.00 for insured values of $10,001 - $200,000
- $10,000.00 for insured values excess of $200,000
RATE: $.792 per $100 of insured value.
VALUATION: The lesser of the following:
The cost of reasonably restoring that property to its condition immediately before loss, or
The cost of replacing that property with substantially identical property, without depreciation.
In all cases, the value of property shall not exceed the insured value as per the Contractor’s Equipment Schedule on file with the company.
EXCLUSIONS:
Listed below are some of the common exclusions that apply to this coverage. There is NO coverage for losses resulting from:
- Flood.
- Nuclear hazard.
- War, Military Action, and Terrorism.
- Dishonest or criminal acts by the State.
- Delay, loss of use, loss of market, or interruption of business.
- Unexplained disappearance.
- Shortage found upon taking inventory.
- The weight of a load that exceeds the applicable load rating of the equipment, according to the manufacturer’s load chart rating.
- Artificially generated current or other electrical disturbances.
- Wear and tear, gradual deterioration, corrosion, rust, dampness, and freezing or extreme changes of temperature.
- Computer Virus
- Hidden or latent defects and mechanical or electrical breakdown.
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Insurance Application .doc (msword 44.50 kB)
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Insurance Claim Form (pdf 110.83 kB)
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Contractors Equipment Reporting Form 08-09 (vnd.ms-excel 38.50 kB)
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Certificate of Insurance Request Form (pdf 60.88 kB)
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