Miscellaneous Equipment coverage (also referred to as mobile equipment or inland marine coverage) protects mobile equipment such as graders, backhoes, and mobile communication equipment often found on police and fire trucks. This equipment may be damaged or lost due to fire, wind, and other perils.
Miscellaneous Equipment coverage also protects tools and equipment, fine art, and valuable papers.
VRSA also makes this coverage available for rented equipment. Before purchasing rental company insurance, we recommend contacting VRSA for a quote or to see if this coverage is already included for your entity’s rentals on a blanket basis.
Miscellaneous Equipment coverage is available on a blanket basis for all items valued under $10,000. The blanket limit should be the replacement cost value of all owned equipment valued under $10,000. Equipment and other items valued over $10,000 should be scheduled separately. Scheduling more costly items helps ensure adequate coverage.
Public entities are advised to maintain an accurate schedule of property and equipment for verification in the event of a loss and to ensure proper limits are carried.
In the event of a loss, equipment will be repaired or replaced at replacement cost. Replacement cost reflects the current market prices of an asset, not its original or historical costs. Various deductible options are available.
VRSA’s highest-valued miscellaneous equipment claim to-date cost more than $630,000 and was caused by a fire in an equipment shed.
Even the little stuff adds up!
For more information on this and other coverages, contact your coverage specialist at: 800-963-6800.