Contractors Equipment

The following outlines the coverages, exclusions and specifications of the Contractors Equipment Insurance policy. Please note that that some of the additional coverages have sub-limits and the information provided is only a summary of the benefits; the actual policy will govern. If your department, division, unit, etc. is interested in signing up for this insurance, please complete the below excel spreadsheet with your Equipment. An example highlighted in yellow is shown on the spreadsheet. If you have any questions, please contact Risk Management.

Contractors Equipment Schedule


  • All Equipment:All risks of direct physical loss or damage, except those excluded causes of loss.

Coverage Territory

  • The United States (including its territories and possessions) and Canada.

Covered Property

  • Mobile equipment and equipment normally used in the construction industry; this excludes aircraft, watercraft or vehicles design for and used to transport property or people on public roads, whether owned, leased or borrowed; this includes but is not limited to golf carts, gator carts, lawn mowers, aerial lifts, boom lifts and fork lifts.

Additional Coverages

  • Newly Acquired Equipment:direct physical loss caused by a peril not excluded, if reported within 30 days.
  • Fire Protective Systems:cost to recharge or refill fire protective systems and replace or repair faulty valves or controls which caused discharge when used to control a Covered Cause of Loss or accidental discharge.
  • Expediting Expense:reasonable cost to expedite repair or replacement of damaged property.
  • Valuable Papers and Records:costs to research, replace or restore lost or damaged valuable papers and records including those on computer software for which there are no duplicates.
  • Debris Removal:cost to remove debris of Covered Property caused by or resulting from a direct physical loss not excluded.
  • Fire Department Service Charge:pay UCF’s legal liability for Fire Department Service Charge when a fire department is called to save or protect Covered Property.
  • Pollutant Cleanup and Removal:pay expenses to extract pollutants from land or water if the discharge, dispersal, seepage, migration, release or escape of the pollutants is caused by or results from direct physical loss, not excluded.
  • Inventory, Appraisals, and Loss Adjustment Expenses:pay reasonable expenses UCF incurs to assist insurance company in determining amount of damage.
  • Continuing Lease or Rental Charges:pay UCF’s actual and necessary charges incurred under a formal lease or rental contract, which UCF is legally required to pay, and charges incurred to complete work that time was lost due to damaged equipment.
  • Contract Penalty:pay penalty, per the contract terms, for UCF being unable to fulfill contractual obligations due to damaged equipment.
  • Preservation of Property:pay the cost to move or temporarily store damaged equipment at another location, if the move occurs within 30 days of the loss occurring.
  • Rental Expense:pay the actual and necessary additional rental expenses incurred due to damaged equipment after the 24hr waiting period.
  • Voluntary Parting:pay for the cost of the equipment which was voluntarily parted by fraudulent scheme, trick, device or false pretense.


  • Governmental action, nuclear hazard, war and military action, loss of market, dishonest or criminal acts, latent defects, mechanical or electrical breakdown or failure, rust or corrosion, wear and tear, mold, mildew or fungus, insects, vermin, or rodents, and repair process or work on Covered Property.


  • Equipment Valued $10,000 or less:$1,000
  • Equipment Valued $10,001 up to $200,000:$5,000
  • Equipment Valued greater than $200,000:$10,000


  • 80% to value


Owned Equipment

  • Items less than 5 years old:the lesser of the following: (1) replacement cost, (2) cost to reasonable restore or (3) actual cost to repair or replace.
  • Items 5 years or older:the lesser of the following: (1) actual cash value, (2) cost to reasonable restore or (3) cost to replace with similar like, kind and quality.

Leased or Loaned Equipment

  • Actual cash value (replacement cost minus depreciation); unless contract or legal requirement requires replacement cost.


  • At Policy Inception:$0.324/$100 of Insured Value plus 5% admin fee.
  • During Policy Period:$0.081/$100 of Insured Value plus 5% admin fee.

Quarterly Reporting Dates

  • 1st/5th Quarter Due: June 25, 2018
  • 2nd Quarter Due: September 25, 2018
  • 3rd Quarter Due: December 18, 2018
  • 4th Quarter Due: March 26, 2019


Insurance Policies

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