Riggers Liability Insurance is a type of insurance that covers a contractor’s liability arising out of the moving of property and equipment that belongs to others.
For example, if you are a rigger and you damage an air-conditioning unit while lifting it onto a roof with a crane, this insurance would cover the cost of repairing or replacing the unit.
The standard commercial general liability (CGL) policy does not cover this risk due to the exclusion of “personal property of others in your care, custody, or control“.
Riggers Liability Insurance can be obtained by attaching a riggers liability endorsement to the CGL policy that modifies or deletes this exclusion.
What types of incidents does riggers liability insurance cover?
Riggers Liability Insurance covers various types of incidents that may occur while performing rigging operations, such as:
- Damage to the property or equipment that belongs to others while moving, lifting, or installing it.
- Loss of use of the property or equipment that belongs to others due to damage caused by rigging operations.
- Damage to the facilities or structural elements of the project due to rigging accidents.
- Injury to people due to the fault of the insured while performing rigging operations.
Are there any exclusions in riggers liability insurance policies?
Riggers Liability Insurance does not cover:
- Damage or injury caused by the impact of the property or equipment that is being moved, lifted, or installed.
- Damage to the property or equipment that belongs to the insured.
- Damage or injury caused by faulty workmanship, design, or materials.
- Damage or injury caused by intentional acts, negligence, or breach of contract.
4 Benefits of Riggers Liability Insurance
Riggers liability insurance is a type of coverage that protects contractors who move, lift, or install property and equipment that belongs to others. Here are four benefits of having this insurance:
- It covers the legal liability of the contractor for any damage or loss to the property or equipment in their care, custody, or control.
- It fills the gap in the standard commercial general liability (CGL) policy, which excludes coverage for “personal property of others in your care, custody, or control”.
- It may also cover the loss of use of the property or equipment, which can be a significant exposure for the contractor if they are liable for delays or disruptions to the project.
- It can help the contractor secure more contracts and build a reputation as a reliable and professional rigger or millwright.
Can riggers liability insurance cover third-party property damage?
Riggers liability insurance can cover third-party property damage in some cases, but not in others.
It depends on the type and extent of the damage, and the terms and conditions of the policy.
Can riggers liability insurance provide coverage for injuries to workers?
Riggers liability insurance does not provide coverage for injuries to workers.
Workers’ compensation insurance is the type of coverage that covers medical expenses and lost wages for workers who are injured on the job.
Riggers liability insurance covers property damage or bodily injury to third parties, such as the owners of the equipment or property being moved, lifted, or installed by the rigger.
What is the cost of riggers liability insurance for a small business owner?
Typical riggers liability insurance for small business owners costs between $11 and $25 monthly, or $132 to $300 annually.
Keep in mind, these figures serve as approximations, with actual costs potentially differing based on individual business conditions.
