Equipment insurance protects business machinery, tools, and devices. Inland marine coverage with worldwide protection available.
✓ Inland marine coverage
✓ Replacement cost
✓ Worldwide protection
✓ Specialized underwriting
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All Equipment Providers (5)
⚙️ AIG
★ 4.9/5.0
$240 - $920
Coverage Types:
Coverage ACoverage BReplacement costInland marine
Deductible: $250-$1500
Key Features:
- ✓ Inland marine
- ✓ Replacement cost
- ✓ Worldwide coverage
PROS
- • Specialty and surplus lines expertise through Lexington Insurance — useful for high-value, unusual, or hard-to-place equipment risks that standard-market carriers decline
- • Global footprint across approximately 70+ countries (per AIG's 10-K filings), enabling multinational coverage for contractors with equipment deployed across borders
CONS
- • Primarily a commercial/large-account carrier — small contractors and sole proprietors often find AIG's underwriting minimums and appetite geared toward larger accounts written through brokers rather than direct
- • Received significant federal assistance during the 2008 financial crisis (~$182B TARP-era support, fully repaid by 2012 per U.S. Treasury records), which still affects some buyers' brand perception
⚙️ Zurich
★ 4.8/5.0
$230 - $890
Coverage Types:
Coverage ACoverage BReplacement costInland marine
Deductible: $250-$1500
Key Features:
- ✓ Inland marine
- ✓ Replacement cost
- ✓ Worldwide coverage
PROS
- • AM Best A+ (Superior) Financial Strength Rating with global parent assets exceeding $400B, providing capacity for high-value equipment schedules that smaller carriers decline
- • Dedicated Construction and Energy practices with specialized inland marine underwriters for contractors equipment, riggers liability, and installation floaters — not a generic BOP bolt-on
CONS
- • Not a retail/consumer carrier — equipment policies are broker-placed with minimum premium thresholds that typically exclude sole proprietors and small owner-operators
- • Online self-service quoting is limited compared to Progressive Commercial or Nationwide; binding and endorsements generally require agent intermediation
⚙️ Hartford
★ 4.7/5.0
$220 - $860
Coverage Types:
Coverage ACoverage BReplacement costInland marine
Deductible: $250-$1500
Key Features:
- ✓ Inland marine
- ✓ Replacement cost
- ✓ Worldwide coverage
PROS
- • Long-established commercial lines specialist (founded 1810) with AM Best A+ (Superior) financial strength rating, relevant for long-tail equipment claims
- • Dedicated Inland Marine division that underwrites Contractors Equipment, Installation Floater, and Motor Truck Cargo policies — coverage forms specifically designed for mobile/jobsite tools and machinery rather than generic BOP add-ons
CONS
- • Primarily a commercial/small-business insurer — exited the personal auto and homeowners market for non-AARP customers, so individuals seeking personal tools/equipment coverage have limited direct options
- • Equipment and inland marine policies are typically sold through independent agents rather than direct online quoting, which can slow down purchase compared to digital-first competitors like Next Insurance or Thimble
⚙️ Travelers
★ 4.6/5.0
$210 - $830
Coverage Types:
Coverage ACoverage BReplacement costInland marine
Deductible: $250-$1500
Key Features:
- ✓ Inland marine
- ✓ Replacement cost
- ✓ Worldwide coverage
PROS
- • AM Best 'A++' (Superior) Financial Strength Rating on core subsidiaries — among the highest in the industry, important for contractors whose general contractors require strong-rated certificates of insurance
- • Dedicated Inland Marine and Construction practice with specialized Contractors Equipment forms covering owned, leased, rented, and borrowed equipment, plus optional endorsements for rental reimbursement, pollution cleanup, and debris removal
CONS
- • Sold exclusively through independent agents — no direct online quoting for contractors equipment, so obtaining a quote requires contacting an agent and providing a detailed equipment schedule
- • Underwriting is generally targeted at established commercial accounts; sole proprietors, brand-new contractors, or hobbyist/owner-operators with a single piece of equipment may find it harder to bind coverage compared to small-business-focused insurers like Hiscox or Next
⚙️ CNA
★ 4.5/5.0
$200 - $800
Coverage Types:
Coverage ACoverage BReplacement costInland marine
Deductible: $250-$1500
Key Features:
- ✓ Inland marine
- ✓ Replacement cost
- ✓ Worldwide coverage
PROS
- • Dedicated Construction segment with a long-standing Contractors Equipment Inland Marine product, including coverage for owned, leased, rented, and borrowed equipment under a single schedule
- • AM Best Financial Strength Rating of 'A' (Excellent) and over 125 years of operating history (founded 1897 as Continental Casualty), giving claims-paying confidence on large equipment losses
CONS
- • Distributed exclusively through independent agents and brokers — no direct-to-consumer quoting, so small contractors and sole proprietors can't bind online
- • Primarily a mid-market and large-account commercial carrier; very small operators (1–2 person shops, hobbyist/owner-operator equipment) are often outside underwriting appetite
How to Choose
- • Compare quotes from multiple providers
- • Review coverage types and deductibles
- • Check customer ratings and reviews
- • Look for available discounts
- • Verify policy terms and conditions
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