IM 7027 Contractors' Equipment - Income Coverage

An American Association of Insurance Services (AAIS) standard form. Coverage part that pays lost earnings, extra expense, or both, as chosen on the schedule, while your business is interrupted by direct physical loss to covered contractors' equipment from a peril insured against, during the restoration period and up to the income coverage limit.

1. 01 25 edition

   Jan 2025, compared with 04 04Latest edition

   • Extra expense coverage is added, with options for earnings and extra expense, earnings only, or extra expense only.

     04 04

     Not in this edition

     01 25

     “Extra Expense Only, "we" pay "your" actual incurred extra expense.”

   • The strikes exclusion now also covers interference by protesters or demonstrators, including denial of access to the equipment.

     04 04

     “to interference by strikers or other persons.”

     01 25

     “strikers, protesters, or demonstrators”

   • Civil authority coverage now applies only if the order allows authorities access to the damaged equipment or responds to dangerous conditions from the damage.

     04 04

     Not in this edition

     01 25

     “authority, but only if the order is initiated:”

   • Earnings losses no longer count any income increase from favorable conditions the peril created for customers or other businesses.

     04 04

     Not in this edition

     01 25

     “potential increase in "your" net income resulting from favorable business conditions”

3 other edition dates appear in one or two filings each, often carrier-specific versions: 12 24, 11 21, 07 99.

• 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 83 of the same filings (94%).

Data from admitted P&C filings with state insurance departments, submitted Oct 2021 to Sep 2026, excluding withdrawn and rejected filings.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 Form83 filings
• IM 70 20Replacement Cost Endorsement83 filings
• IM 70 03Contractors' Equipment Coverage - Tool Floater82 filings
• IM 70 32Equipment Schedule - Income Coverage - Contractors' Equipment82 filings
• IM 70 08Schedule of Coverages - Contractors' Equipment - Tool Floater80 filings
• IM 70 13Equipment Leased or Rented to Others Endorsement80 filings
• IM 70 16Boom Restriction Endorsement80 filings
• IM 70 22Contractors' Equipment Loaned to Others - Scheduled Contractors80 filings
• IM 70 23Contractors' Equipment Loaned to Others - Jobsite Coverage80 filings
• IM 70 25Additional Coverages Endorsement80 filings