Property Insurance: Installation Floaters & Builder's Risk

Elevator construction and installation require specialized insurance to safeguard projects, materials, and property. With elevator property insurance, you can ensure your business is protected whether you’re building, installing, or maintaining elevators.

There are multiple kinds of property insurance that are applicable to the elevator industry, like builder’s risk and installation floaters that also need to be considered. Whatever your business needs to protect your property, we can provide custom and affordable coverage.

What is Elevator Property Insurance?

Property insurance is a type of coverage that protects physical assets from risks such as fire, theft, vandalism, and certain natural disasters. It typically includes protection for buildings, equipment, inventory, and personal property. For the elevator industry, property insurance can help insure both the elevator and equipment you’re working on.

Within property insurance, the elevator industry relies on two subset coverages that can help further protect projects called builder’s risk and installation floaters. Builder’s risk insurance covers damage to materials, equipment, and partially built structures from events that could potentially affect elevator projects that are in progress. Similarly, installation floaters extend to items that are being installed, and protects against loss or damage during transportation, storage, or installation. Together, builder’s risk and installation floaters address the unique risks of elevator construction and installation, ensuring assets are safeguarded throughout the project lifecycle.

What is the Difference Between Installation Floaters and Builder’s Risk Insurance?

The difference between installation floaters and builder’s risk insurance is based on where the contractor is during the project. Builder’s risk insurance covers property during the middle of construction while installation floaters covers property during the installation phase. These subsets combine to make up property insurance, but having one without the other could be dangerous throughout the job.

Why Do Elevator Contractors Need Property Insurance Coverage?

Because elevator construction projects involve a lot of materials and can have dangerous sites, it is vital for elevator contractors, technicians, and installers to carry property coverage.

Dangerous Materials

With expensive heavy machinery, electrical work, and other dangerous materials, your property needs to be protected in the event something bad happens at any phase of the job.

Hazardous Projects

Working on elevators can be extremely dangerous and have more risks involved than a regular construction project. Having elevator property coverage keeps your project protected at each phase.

Extra Protection

Having extra protection can protect your assets if there’s an accident on the job site, that may not be covered solely by general liability or umbrella coverages.

Benefits to National Elevator’s Property Insurance Policy

No Height Restrictions

One of the unique qualities of having insurance with National Elevator, you’ll have coverage for the small or large elevators. Whether it’s a small-scale project or a larger corporate elevator, you’ll be guaranteed the same reliable coverage.

Custom Coverage

Whether you need builder’s risk or installation floaters, our comprehensive property coverage can be tailored to your unique business needs.

Experience

You’ll receive over 40 years of experience working specifically in the elevator industry. Our industry expertise stretches across the United States.

Quality Claims Handling

Backed by attorneys, adjustors, and industry experts, our Defense Team is the best in the industry. Our claims handlers know how to get your claim addressed quickly and smoothly.

Competitive Rates

Our rates, coupled with our industry expertise, allow us to be the best value in the elevator industry. We know the ins and outs of every state requirement, and we can provide you with a competitive quote no matter where you’re located.

Get started with National Elevator

Don’t let your elevator business go without the best elevator property insurance. Contact us today to learn about how we can protect your business today.

National Elevator’s general liability underwriting is done by a carrier that is licensed and admitted in all states and provides you with coverage enhancements specific to your industry.

Our underwriting enhancements include:

First Dollar Protection
No Deductible or Self Insured Retention (SIR)
Blanket Additional Insured coverage
Blanket Waiver of Subrogation
Per Elevator Aggregates
Limited Pollution Coverage