IM 7003 Contractors' Equipment Coverage - Small Tools Floater

An American Association of Insurance Services (AAIS) standard form. Contractors' equipment coverage form for handheld construction tools, including tools you own, your employees' tools and tools you lease or rent, with per-tool, all-tools and catastrophe limits and the exclusions, valuation and loss conditions that apply.

1. 01 25 edition

   Jan 2025, compared with 04 04Latest edition

   • Covered tools are now limited to handheld tools of a mobile nature designed for construction tasks, instead of any equipment and tools used in your contracting operations.

     04 04

     “"Tools" means equipment, and tools of a mobile nature”

     01 25

     “"Tools" means handheld tools of a mobile nature designed to execute construction task”

   • Each type of tool coverage now has a separate any one tool limit and an all tools limit shown on the schedule of coverages.

     04 04

     Not in this edition

     01 25

     “is the Your Tools, Any One Tool Limit indicated on the”

   • A new Catastrophe Limit caps the total paid in any one occurrence under the form, across all tools, extensions and supplemental coverages.

     04 04

     Not in this edition

     01 25

     “The most "we" pay in any one occurrence under the Contractors' Equipment Coverage form is the Catastrophe Limit”

   • The breakdown and contamination or deterioration exclusions now give back loss from a covered peril that results, and employee acts of destruction are covered only if not related to theft.

     04 04

     “This exclusion does not apply to acts of destruction by "your" employees, but "we" do not pay for theft by employees.”

     01 25

     “If a peril insured against results from a breakdown, "we" pay for the loss or damage caused by that peril insured against.”

2. 04 04 edition

   Apr 2004, compared with 12 01

   • A pollutants exclusion is added, with an exception for release caused by a specified peril.

     12 01

     Not in this edition

     04 04

     “"We" do not pay for loss caused by or resulting from release, discharge, seepage, migration, dispersal, or escape of "pollutants"”

   • The dishonest acts exclusion now also applies to your members or managers if you are a limited liability company.

     12 01

     “"your" partners, officers, directors, trustees, or joint adventurers;”

     04 04

     “"your" members or managers if "you" are a limited liability company”

• Edition in use: in the past 12 months, 10 companies filed the 01 25 edition.
• IM 70 00 (Contractors' Equipment Coverage -- Broad - Scheduled Equipment Form) is filed alongside it most often, in 101 of the same filings (98%).

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 Form101 filings
• IM 70 20Replacement Cost Endorsement100 filings
• IM 70 08Schedule of Coverages - Contractors' Equipment - Tool Floater97 filings
• IM 70 13Equipment Leased or Rented to Others Endorsement97 filings
• IM 70 30Equipment Schedule - Contractors' Equipment97 filings
• IM 70 01Contractors’ Equipment Coverage -- Limited - Scheduled Equipment Form96 filings
• IM 70 02Contractors' Equipment Coverage - Blanket Equipment Form96 filings
• IM 70 05Schedule of Coverages - Contractors’ Equipment96 filings
• IM 70 17Weight of Load Exclusion96 filings
• IM 70 14Rental Reimbursement Endorsement95 filings