Question

This type of Inland Marine policy covers expensive construction machinery while being transported, on-site, or in storage-----------.

Option 1: Builder's Risk Insurance
Option 2: Contractor's Equipment Insurance
Option 3: Installation Floater Insurance
Option 4: Motor Truck Cargo Insurance

Answer 1

Contractor's Equipment Insurance is an inland marine policy that offers financial protection for expensive construction machinery whether in transit, on a job site, or stored.

Step-by-step explanation:

The Inland Marine policy that covers expensive construction machinery while being transported, on-site, or in storage is known as Contractor's Equipment Insurance. This type of policy ensures that contractors are protected financially from losses or damages to equipment used on the job, including but not limited to bulldozers, cranes, and other heavy machinery. Builder's Risk Insurance typically covers buildings under construction, Installation Floater Insurance is used for property being installed at a job site, and Motor Truck Cargo Insurance covers goods being transported by trucks.