3 Feb 2015

An endorsement to a policy ensuring contractor’s equipment that provides coverage for damage caused by cranes. Boom coverage is an add-on feature of the policy, and accepting this feature will increase the premium paid for the policy.

Building contractors may use a variety of different machines and other equipment when on the jobsite. Some equipment may be very expensive to replace, while other pieces of equipment may cause substantial damage if not operated properly. For example, a crane may tip over and not only damage the machine, but may also damage a building or even other equipment.

Booms, which are part of a crane, can come in various lengths. Because of this an insurance policy may specify the length of boom covered, since longer booms are more at risk of causing damages if something goes wrong. Additionally, because booms are difficult to move they may be left stationary during when the construction site is closed down for the day. Contractors often have the ability to purchase additional coverage that applies to booms when not in operation.

Optional coverage extensions to a contractor’s equipment policy have a different deductible for each type of damage that can be caused. The deductible will apply in each occurrence. For example, a policy with boom coverage may indicate a $10,000 deductible for losses caused by theft of the boom, while a different deductible may apply for losses caused by fire. The policy may also have an entirely different deductible for losses involving the boom that are not caused by either fire or theft.

Contractors should work with their insurers to determine whether boom coverage is included in the policy. Other types of coverage extensions that a contractor may include in an equipment policy include employees’ tools coverage, reimbursement for rented equipment, and coverage for company equipment leased or rented to others.

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