IM 7002 Contractors' Equipment Coverage - Blanket Equipment Form

An American Association of Insurance Services (AAIS) standard form. Coverage form for a contractor's mobile machinery, equipment and tools on a blanket basis, subject to an any-one-piece limit and a catastrophe limit, with extensions and supplemental coverages such as rental reimbursement, construction trailers and tools.

1. 01 25 edition

   Jan 2025, compared with 06 04Latest edition

   • Adds a supplemental coverage for claim preparation expenses you incur at the insurer's request, such as inventories and appraisals, up to $20,000.

     06 04

     Not in this edition

     01 25

     “pay for reasonable and necessary expenses for claim preparation expenses”

   • Raises the rental reimbursement limit from $5,000 to $10,000 per occurrence.

     06 04

     “in any one occurrence for rental expenses is $5,000”

     01 25

     “in any one occurrence under this Supplemental Coverage is $10,000. 9. Reward”

   • Replaces the $1,000 reward for recovering stolen equipment with a reward of up to $10,000 for information leading to the arrest and conviction of anyone committing arson, theft or vandalism.

     06 04

     “The most "we" pay in any one occurrence as a reward for information is $1,000.”

     01 25

     “for information leading to the arrest and conviction of any person or persons committing”

   • Waterborne equipment coverage no longer applies on the Mississippi River, U.S. coastal waters, or waters around the Hawaiian and Aleutian Islands.

     06 04

     Not in this edition

     01 25

     “while on the following bodies of water”

2. 06 04 edition

   Jun 2004, compared with 12 01

   • Coverage extensions and supplemental coverages are no longer counted when applying any coinsurance condition.

     12 01

     Not in this edition

     06 04

     “If coinsurance provisions are part of this policy, the following coverage extensions are not subject to and not considered in applying coinsurance conditions.”

• 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 (100%).

Data from admitted P&C filings with state insurance departments, submitted Oct 2021 to Sep 2026, excluding withdrawn and rejected filings.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 01Contractors’ Equipment Coverage -- Limited - Scheduled 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 08Schedule of Coverages - Contractors' Equipment - Tool Floater95 filings
• IM 70 12Equipment Leased or Rented From Others Endorsement95 filings
• IM 70 14Rental Reimbursement Endorsement95 filings
• IM 70 15Small Tools Endorsement95 filings