A $275,000 front-end loader was recently stolen off the lot of an Ottawa construction company. A nightmare scenario for every contractor, the rise in construction site theft is costing companies millions of dollars each year. Experts report this epidemic is three times worse in Canada than in the U.S., with less than 25 percent of stolen equipment recovered each year.
The construction industry boom is a main driver in the surge of equipment theft, with the global construction machinery market valued at approximately $243 billion, illustrating a 19 percent increase over four years. Fire also poses a major risk for contractors and is one of the leading causes of equipment losses. Up-to-date protection for your clients is paramount, now more than ever, with losses not only stemming from repairs or replacement of equipment, but also rental fees and business interruption costs.
Contractor’s Equipment Coverage is designed to protect a wide range of machinery, including trailers and cranes, and can limit the impact to your clients’ bottom line in the event of a loss.
Coverage Details and Features
- Inland Marine Coverage for property that is not permanently situated at one location
- Broad underwriting appetite
- Package policies available to include other lines of business such as property and general liability
- All Risk Coverage or Specified Perils Coverage on scheduled items or blanket basis available
(including but not limited to)
- Contractors Construction Equipment (including cranes)
- Environmental Equipment
- Agricultural Equipment
- Medical Diagnostic Equipment
- Musical Instruments
At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.