For most contractors, equipment is your most important asset. Protecting it, is critical to the continuance of your business. It is usually insured on an actual cash value basis, but sometimes can be insured for replacement cost. Equipment can be insured on a blanket basis or can be scheduled depending on the value of the equipment.  Building materials can also be insured off premises at the job site on an installation floater.  This form can also cover materials in transit and rental equipment.