For contractors, the landscape is always changing. Many General Contractors are now using insurance consultants and certificate clearinghouses to verify insurance coverage and endorsements. When third-party insurance administration comes into play, you begin to hear new terms such as “Rigger’s Liability.”
What is Rigger’s Liability?
Rigger’s liability insurance is a specific form of insurance coverage for contractors. It is insurance that covers a contractor’s liability that arises out of the movement of property and equipment belonging to others. A common example of this would be a company who lifts air conditioning units by crane to the top of a building.
As stated above, this is liability insurance which covers property damage to others, but not property damage to the rigger’s own equipment.
Do I Have Rigger’s Liability Coverage?
If you regularly use cranes or other equipment to move or haul equipment belonging to others, you probably have rigger’s liability insurance coverage in place. We recommend that you review your policies to be sure, or contact your broker.
If moving property or equipment of others in this manner is incidental to your other business activities (meaning it if often unplanned and only happens once in a blue moon) then you may be covered by your Commercial General Liability insurance policy. This is another instance where you should talk to your broker.
How Can I Get Rigger’s Liability?
If you are in the business of moving the equipment and property of others, then rigger’s liability should be a component of your business insurance portfolio. This can be done as an endorsement on your commercial general liability insurance policy or written as stand-alone coverage.
Doesn’t My Installation Floater Cover This?
Installation floater policies are designed to cover machinery, fixtures, and equipment that are part of a fabrication, erection or installation project. These items may be the insured’s property or the property of others.
Some insurance companies may elect to use the installation floater to cover rigging contractors, particularly if they are not solely riggers, but also engage in work as building contractors. An installation floater is sometimes broad enough to cover both types of risk (but be sure you let your broker know you do both). If the contractor is solely a rigging contractor, then an installation floater alone would not be appropriate coverage.
A licensed insurance broker can help you determine which type of rigging coverage is right for your business. Call Hayes Brokers today to schedule a free, no-obligation risk management analysis to determine what coverage is right for your business.