Great American Insurance Group has introduced Equipment Pro, a newly enhanced contractor’s equipment insurance product, through its property and inland marine division. According to a news release, this new product is designed to address the diverse and evolving risks faced by contractors, offering a range of coverage options tailored to meet the specific needs of contracting businesses.
The group stated that Equipment Pro expands on its core contractor’s equipment policy by including broader coverage for property, customizable limits, and adjustable deductibles to suit varying levels of exposure. Basic protections cover risks such as fire, water damage, theft, earth movement, and wind-related perils. Additionally, the product employs a new rating system that rewards policyholders with premium credits based on their business tenure and positive claims history.
The product includes 18 additional coverages that target potential exposures often overlooked in standard policies. Seven optional coverages and multiple endorsements are also available to address the unique needs of specialized contractors.
Dave Lancaster, divisional vice president of Great American’s property and inland marine division, emphasized the importance of the product for contractors. “We understand the critical role that equipment plays in the daily operations of contractors. Our new product is designed to help contractors rest easy, knowing that their equipment is protected and that claims will be handled in a timely and efficient manner by our dedicated team,” Lancaster said.
Claims for Equipment Pro will be managed by the company’s in-house inland marine specialists.
Great American Insurance Group’s property and inland marine division specializes in property and inland marine insurance coverages. Policies are underwritten by Great American Insurance Company, Great American Assurance Company, Great American Alliance Insurance Company, and Great American Insurance Company of New York, all authorized to operate in all 50 states and the District of Columbia.
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