Contractors Equipment — Program Overview from AI Risk
AI Risk offers a Contractors Equipment program designed for commercial construction companies that own and operate heavy equipment and have exposures to on-site real and personal property loss. This program is underwritten with access to AIG capacity and is intended for agents looking to place equipment fleets and jobsite property accounts that require specialized underwriting and flexible terms.
Key Risk Groups
Construction firms engaged in excavation, land clearing, steel erection, pile driving, wrecking/blasting, dredging, railroad work, and similar heavy civil and commercial construction projects.
Ideal Accounts and Appetite
- General contractors and specialty contractors with owned equipment schedules (dozers, excavators, cranes, pile drivers, loaders, etc.).
- Contractors with combined needs for contractors’ equipment plus real and personal property located on active job sites.
- Mid-size to large projects where equipment values are scheduled and loss control practices are in place.
Accounts that typically fit: insureds with documented maintenance programs, centralized equipment reporting, and moderate loss histories. The program is best for contractors that need a market capable of handling mixed equipment classes and on-site property exposures.
Coverage Highlights and Advantages
- Built to cover construction equipment exposures and real & personal property at job sites.
- Underwriting expertise for higher-hazard construction operations (e.g., pile driving, steel erection, wrecking/blasting) when presented with appropriate risk controls and schedules.
- Access to AIG capacity for larger or more complex placements.
- Flexible terms for scheduled equipment and combined property packages — useful for accounts that need consolidated coverage for both equipment and site property.
Underwriting Notes and Minimum Premiums
When preparing submissions, provide complete equipment schedules, values, maintenance practices, operator qualifications, and loss run histories. The program evaluates accounts on operations, equipment age/condition, storage practices, and prior claim patterns.
Minimum Premiums:
$1,500 for Construction Equipment.
$1,500 for Real and Personal Property.
Territories and Availability
This program is available through AI Risk in the following states: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY. Paper is offered in the listed states with access to admitted capacity through AIG where applicable.
Typical Restrictions and When to Refer
Accounts that may need special handling or referral include those with significant unresolved prior losses, very high catastrophe exposure without mitigations, or unmanaged rental fleets. Large-diameter specialty risks or accounts lacking documentation of operator training and maintenance may require additional underwriting information.
Why Place Business with AI Risk
- Specialized underwriting focus on contractors’ equipment and on-site property exposures.
- Direct access to AIG capacity for larger or complex placements.
- Responsive submissions review — AI Risk works with brokers to identify required documentation and tailor terms for combined equipment/property needs.
Example Account Scenarios
Example 1: You have a regional excavation contractor with a scheduled fleet of excavators, loaders, and a mid-size crane that needs combined equipment and site property coverage for multiple active projects. This program can provide scheduled equipment coverage with limits appropriate for each machine plus on-site real and personal property protection.
Example 2: A contractor specializing in pile driving and steel erection needs coverage for highly specialized equipment and mobile jobsite property. With proper loss history and maintenance records, AI Risk can consider these accounts through AIG capacity.