IM 7001 Contractors' Equipment Coverage - Scheduled Equipment Form

An American Association of Insurance Services (AAIS) standard form. Coverage form that insures your contractors' equipment, and others' equipment in your care, against direct physical loss from a peril insured against when the equipment is on the equipment schedule or a schedule kept on file, with debris removal, newly purchased equipment and other added coverages.

1. 01 25 edition

   Jan 2025, compared with 04 04Latest edition

   • A Schedule On File option lets equipment be covered from a dated schedule you submit, listing each item, its model year and its limit, instead of the equipment schedule.

     04 04

     Not in this edition

     01 25

     “keep on file, the schedule must:”

   • A new Fraud And Deceit coverage extension pays up to $1,000 for equipment you or your agents are tricked into handing over, including through fraudulent bills of lading or the use of hardware or software.

     04 04

     Not in this edition

     01 25

     “Coverage -- "We" cover theft of covered "contractors' equipment" when "you" or "your" agents, customers, or consignees are fraudulently induced”

   • A new supplemental coverage pays up to $1,000 for fire department service charges to save or protect covered equipment.

     04 04

     Not in this edition

     01 25

     “Coverage -- "We" cover "your" liability for fire department or volunteer fire department service charges.”

   • A new Your Tools supplemental coverage pays up to $500 per tool and $2,500 for all tools in one occurrence.

     04 04

     Not in this edition

     01 25

     “"your" "tools" is $2,500.”

2. 04 04 edition

   Apr 2004, compared with 12 01

   • The mechanical breakdown exclusion now gives back resulting loss from any specified peril, not only from fire or explosion.

     12 01

     “But if loss by fire or explosion results,”

     04 04

     “results in a "specified peril", "we" do”

• Edition in use: in the past 12 months, 9 companies filed the 01 25 edition.
• IM 70 00 (Contractors' Equipment Coverage -- Broad - Scheduled Equipment Form) is filed alongside it most often, in 97 of the same filings (99%).

Data from admitted P&C filings with state insurance departments, submitted Oct 2021 to Sep 2026, excluding withdrawn and rejected filings. One filing can cover several affiliated companies.

• IM 70 00Contractors' Equipment Coverage -- Broad - Scheduled Equipment Form97 filings
• IM 70 02Contractors' Equipment Coverage - Blanket Equipment Form97 filings
• IM 70 13Equipment Leased or Rented to Others Endorsement97 filings
• IM 70 20Replacement Cost Endorsement97 filings
• IM 70 03Contractors' Equipment Coverage - Tool Floater96 filings
• IM 70 17Weight of Load Exclusion96 filings
• IM 70 30Equipment Schedule - Contractors' Equipment96 filings
• IM 70 06Schedule of Coverages - Contractors' Equipment - Scheduled Equipment Form95 filings
• IM 70 08Schedule of Coverages - Contractors' Equipment - Tool Floater95 filings
• IM 70 12Equipment Leased or Rented From Others Endorsement95 filings