Equipment Floater Insurance
All risk, worldwide coverage for scheduled entertainment related equipment including
Cameras, Production, Editing, Musical, Theatrical and miscellaneous items.
Equipment Floater Insurance “Floater” refers to the fact that the coverage for the equipment “floats”, and is not restricted to one location. Coverage is provided on a “Limited Worldwide” basis, there are several excluded countries (mostly in the Middle East).
Coverage is provided for damage, destruction or loss resulting from a “Covered Cause of Loss”. Covered Causes of Loss include, but are not limited to: Fire, Theft, Vandalism, Breakage and Water Damage. Earthquake coverage is NOT included in this quote, but coverage IS available – please call for a quote
While you may have coverage for liabilities, litigation’s, and other risks, some of your equipment might not be properly covered. Certain types of equipment that is easy to transport, isn’t always covered under the commercial property insurance policies, making equipment floater insurance vital! Coverage for their “Equipment” is the primary coverage that most people are concerned about. “Equipment” refers to, but is not limited to, Camera Equipment, Editing Equipment, Sound and Lighting Equipment, Generators and Portable Electrical Equipment, Grip Equipment, Mechanical Effects Equipment and similar “Miscellaneous Equipment” owned by you or for which you are liable.
Coverage can be provided under this policy for your own equipment, equipment that is on consignment to you (under your control and responsibility), and equipment that you rent or borrow from others. The person renting or loaning the equipment to others should request a “Certificate of Insurance” providing proof that they are named as Loss Payee on your policy.
What does equipment floater insurance cover?
Equipment floater insurance offers protection for mobile equipment in the case of a number of risk exposures including theft, fire, flood, equipment breakdown, vandalism, and other types of damage. Extreme weather conditions and natural disasters like hurricanes or tornadoes can cause irreparable damage to contractor equipment. Unforeseen events such as these require businesses to carry equipment floater insurance coverage in order to protect their financial assets and have coverage for repairs or replacements of these very expensive pieces of equipment.
The cost of coverage under equipment floater insurance depends on how old the equipment is. If the piece of equipment it is five years or newer, repairs and replacement of equipment will typically be covered. However, for equipment older than five years old, the cost of repairs or replacement will be determined based on the actual value of the equipment.
Example: For instance, while a camera may have been pricey when it was first purchased, the value goes down every year due to depreciation; therefore, a 10-year old camera will not have as much coverage as one that is only a couple of years old.
- Editing/Post-Production Equipment
- Recording/Studio Equipment
- Sound/Location Recording Equipment
- Musical Instruments/Band Equipment
- Camera/Production Equipment
- P.A./Sound Reinforcement Equipment
- Rented Equipment
- Office Contents
- Theatrical Equipment
- Miscellaneous Unscheduled Equipment
- Negative film / Faulty stock
- Construction Equipment