Installation & Tool Floater Insurance Toronto

Whether you are tasked to construct a new building, remodel a kitchen, install a fountain, landscape a garden, or undertake other similar projects, the tools and materials you use are vital. During the time period when a project is in progress, any incident of theft, damage, or loss of tools or materials will cause delays and additional expenses. 

Without the right insurance policy in place, these expenses could take a huge chunk from your revenue or pay. To avoid these added expenses, you can get the added coverage from KASE Insurance of installation and tool floater insurance in Toronto. 

What Is Installation & Tool Floater Insurance?

Installation and tool floater insurance covers movable properties such as tools needed to complete a job or appliances that are needed to complete a job. This type of insurance policy in Toronto covers the loss or damage of such items, with slight differences between the two types of coverage.

Installation floater insurance covers any materials or items that are yet to be installed (e.g. cabinets, countertops, sinks, etc.) in the event that they are lost, damaged, or stolen—regardless if they have made it to the site of the project or if they have been in transit. 

The tool floater insurance policy provides coverage for the tools used to complete your work in the event that they are lost or stolen. It is important to clarify that for insurance policies, “tools” are different from “equipment”. Tools are classified as items that are valued up to $1000 (e.g. hand saw, cordless drill, etc.), while equipment encompasses items that are valued above that range (e.g. bulldozer, power generator, etc.). However, this does not limit the policy to only cover $1000. 

These two types of floater insurance policies oftentimes go hand-in-hand and are essential for contractors and those working in similar or related professions. KASE Insurance is one of the top insurance providers in the city of Toronto and the rest of Canada, offering comprehensive insurance policies for professionals working in the construction industry. Get a quick quote today for installation and tool floater insurance in Toronto.

Contractor using a power drill while installing a window

Why Is Installation & Tool Floater Insurance Important?

In Canada, the average salary of a contractor is around $63,000 per year, with entry-level positions starting at around $49,000 per year. In case of accidents or unforeseen events that lead to the loss or damage of tools or materials, the contractor responsible could be the one to shoulder the costs of replacements if they are not insured. It may also be shouldered by the company they work for in some cases. 

What’s worse is it may not even be the contractor’s direct fault, such as instances where the materials are damaged while in transit or tools are stolen from the project site. Situations like these can lead to costly delays as well as the expense to replace the tools and materials. To avoid any added costs during construction projects, it’s important that both individual contractors and businesses have installation and tool floater insurance in Toronto.

What Does Installation & Tool Floater Insurance Cover?

As briefly mentioned, installation and tool floater insurance are oftentimes combined under one policy so that both the uninstalled materials/fixtures as well as the tools used in the project are covered. The main objective of this type of insurance is to protect the contractor or company from needing to shoulder the expense of needing to replace materials/fixtures and tools  (a.k.a floaters.) So let’s talk about the main coverages that this insurance policy has:

1. Uninstalled Damaged Materials and Fixtures

While working on a project, a number of things can happen to materials or fixtures that are yet to be installed. For example, new countertops are ordered for a kitchen remodelling project and while in transit to the job site, the truck runs over deep potholes. This causes the countertops to become dented and/or cracked, rendering them unusable in the project. Since these materials have yet to be installed, installation and tool floater in insurance in Toronto covers the additional cost of needing to replace them. The same idea goes for a number of different materials fixtures.

2. Uninstalled Stolen Materials and Fixtures

Additionally, there is the possibility that uninstalled materials or fixtures could be stolen. Take a landscaping project as an example. During the excavation of the site, a couple of unplanted shrubs and trees were stolen. In such a scenario, the responsibility will fall on the contractor or landscaping company to replace the stolen goods. Installation and tool floater insurance will help to cover the expense of replacing them.

3. Replacement of Tools

Tools are a valuable investment for contractors and construction companies because no project can be completed without the right ones. Installation and tool floater insurance would protect any tools that are either lost or stolen—whether at the project site or while in transit. It’s important to note here that in insurance terms, tools are separate from equipment. To be specific, tools are valued at $1000 or less.

Who Needs Installation & Tool Floater Insurance?

Installation and tool floater insurance in Toronto can be purchased by contractors, carpenters, electricians, HVAC installers, roofers, landscapers and other similar professions. Companies in this line of business will do well to make sure that this vital insurance policy is in place. 

Why Choose KASE Insurance?

Your success in industries like construction, landscaping, renovation, and the like depends on how prepared you are in the face of unforeseen events. As one of the top insurance providers in Canada, KASE Insurance is your partner in putting together the best insurance plan for yourself or your employees. 

There is always someone on hand to help. Contact us today and let’s get started!

Read what clients have to say about KASE

By far the most professional and trustworthy insurance brokerage I have known. We have been working with this firm for number of years now and I have nothing but good to say about their team and services. Stan and his team won't stop until we are fully satisfied. They are always on top of things, super fast in their assistance and very professional. I highly recommend this firm to anyone seeking for great insurance brokerage to work with. Big Thank You to Stan and Kase Insurance for many many years of great service!

Reviewer: Alex K


5 out of 5 stars

Stan and is team at KASE Insurance have been fantastic in explaining what insurance we needed for our business. Very hands on approach and detailed. I work highly recommend KASE Insurance for any business owner looking for great service.

Reviewer: Kyle Grooms


5 out of 5 stars

The KASE team is very easy to work with. They answer your questions quickly, walk you through the process patiently, and find you great rates. We've been working with them for a few years and we haven't felt the need to shop elsewhere because of their customer service.

Reviewer: Sasha Boersma


5 out of 5 stars

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